231,940 Shares in Alcoa $AA Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 231,940 Alcoa shares in the second quarter, valued at approximately $12.1 million and representing about 0.09% of the company.
• Other major institutional investors also increased their Alcoa positions, including BlackRock, Dimensional Fund Advisors, State Street, Geode Capital Management and Bank of New York Mellon.
• Alcoa shares opened at $50.35, while analysts maintain a consensus “Hold” rating with an average price target of $61.09. The company recently reported quarterly EPS of $2.12, below the $2.25 consensus estimate, and paid a $0.10 quarterly dividend.

The Manufacturers Life Insurance Company acquired a new stake in shares of Alcoa (NYSE:AA - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 231,940 shares of the industrial products company's stock, valued at approximately $12,093,000. The Manufacturers Life Insurance Company owned approximately 0.09% of Alcoa at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Alcoa during the second quarter valued at approximately $1,528,523,000. Dimensional Fund Advisors LP grew its stake in Alcoa by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company's stock worth $615,428,000 after purchasing an additional 462,243 shares in the last quarter. State Street Corp increased its holdings in Alcoa by 6.7% during the 3rd quarter. State Street Corp now owns 11,458,529 shares of the industrial products company's stock worth $376,871,000 after purchasing an additional 721,063 shares during the period. Geode Capital Management LLC increased its holdings in Alcoa by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company's stock worth $389,621,000 after purchasing an additional 349,426 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Alcoa by 211.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock valued at $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter.

Alcoa Stock Down 1.6%

Shares of NYSE AA opened at $50.35 on Friday. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $13.29 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 0.58 and a beta of 1.63. The stock's fifty day simple moving average is $49.03 and its two-hundred day simple moving average is $59.97. Alcoa has a 12-month low of $30.21 and a 12-month high of $84.38.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, analysts expect that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, August 11th. Alcoa's payout ratio is 8.23%.

Analysts Set New Price Targets

AA has been the subject of several research reports. Morgan Stanley reiterated an "equal weight" rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Zacks Research downgraded Alcoa from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 8th. Weiss Ratings raised shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. dropped their target price on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating on the stock in a report on Friday, July 17th. Finally, Argus cut their target price on shares of Alcoa from $73.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, July 22nd. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $61.09.

Insider Buying and Selling

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the completion of the transaction, the executive vice president directly owned 39,819 shares in the company, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

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