Strs Ohio Buys Shares of 27,570 Alcoa $AA

Key Points

• Strs Ohio acquired 27,570 shares of Alcoa stock, valued at approximately $841,000, signaling growing institutional interest in the company.
• Several analysts have recently upgraded Alcoa, with Citigroup setting a price target of $42.00 and others adjusting their targets, reflecting a consensus rating of "Hold" for the stock.
• Alcoa's latest earnings report showed a significant growth in revenue with $3.02 billion for the quarter, surpassing estimates and reflecting a 3.9% increase from the previous year.

Strs Ohio purchased a new stake in shares of Alcoa (NYSE:AA - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 27,570 shares of the industrial products company's stock, valued at approximately $841,000.

A number of other institutional investors and hedge funds also recently modified their holdings of AA. L1 Capital Pty Ltd purchased a new stake in shares of Alcoa during the first quarter valued at approximately $52,675,000. Dimensional Fund Advisors LP grew its holdings in Alcoa by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 6,803,086 shares of the industrial products company's stock valued at $207,490,000 after purchasing an additional 1,721,222 shares during the period. Nuveen LLC bought a new position in Alcoa during the first quarter valued at $23,339,000. Deutsche Bank AG grew its holdings in Alcoa by 481.2% during the first quarter. Deutsche Bank AG now owns 907,117 shares of the industrial products company's stock valued at $27,667,000 after purchasing an additional 751,053 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Alcoa by 488.2% during the fourth quarter. Wellington Management Group LLP now owns 802,547 shares of the industrial products company's stock valued at $30,320,000 after purchasing an additional 666,117 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Morgan Stanley reduced their price objective on Alcoa from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, July 18th. JPMorgan Chase & Co. cut their price target on Alcoa from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Citigroup raised Alcoa to a "buy" rating and set a $42.00 price target for the company in a report on Tuesday, July 8th. B. Riley raised their price target on Alcoa from $37.00 to $38.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Finally, Bank of America raised their price target on Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a report on Thursday, July 17th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $42.09.

Alcoa Stock Down 0.4%

Alcoa stock traded down $0.15 during trading hours on Monday, hitting $32.31. 2,999,629 shares of the stock traded hands, compared to its average volume of 5,911,434. The firm's 50-day moving average price is $30.99 and its two-hundred day moving average price is $29.31. The company has a current ratio of 1.65, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a market cap of $8.37 billion, a PE ratio of 8.44, a PEG ratio of 0.18 and a beta of 2.26. Alcoa has a one year low of $21.53 and a one year high of $47.77.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.10. The business had revenue of $3.02 billion for the quarter, compared to analysts' expectations of $2.96 billion. Alcoa had a return on equity of 19.18% and a net margin of 7.86%.The business's revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. On average, research analysts forecast that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa's payout ratio is currently 10.44%.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.