Alberta Investment Management Corp Invests $4.42 Million in Alcoa $AA

Key Points

• Alberta Investment Management Corp. initiated a position in Alcoa during the second quarter, purchasing 84,700 shares valued at approximately $4.42 million.
• Analyst sentiment remains mixed, with six Buy, four Hold and two Sell ratings. Alcoa has a consensus rating of Hold and an average price target of $61.09.
• Alcoa recently reported quarterly earnings of $2.12 per share, below the $2.25 analyst consensus, while revenue of $3.97 billion also slightly missed estimates. The company declared a quarterly dividend of $0.10 per share, representing a 0.8% yield.

Alberta Investment Management Corp purchased a new position in shares of Alcoa (NYSE:AA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 84,700 shares of the industrial products company's stock, valued at approximately $4,416,000.

A number of other hedge funds have also bought and sold shares of the stock. Checchi Capital Advisers LLC raised its stake in Alcoa by 3.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company's stock worth $341,000 after acquiring an additional 170 shares during the last quarter. Essential Partners LLC lifted its holdings in shares of Alcoa by 0.9% during the first quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company's stock worth $1,361,000 after purchasing an additional 193 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in Alcoa by 0.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company's stock valued at $3,079,000 after buying an additional 229 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in Alcoa by 1.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 13,596 shares of the industrial products company's stock worth $722,000 after buying an additional 241 shares during the period. Finally, Himension Capital Singapore PTE. LTD. raised its position in Alcoa by 1.3% during the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company's stock worth $1,235,000 after buying an additional 246 shares during the last quarter.

Analyst Ratings Changes

AA has been the topic of a number of research reports. Bank of America cut their price objective on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research note on Thursday, July 9th. Wells Fargo & Company dropped their target price on Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. JPMorgan Chase & Co. reduced their price target on Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a research report on Friday, July 17th. BMO Capital Markets decreased their price target on Alcoa from $60.00 to $55.00 and set a "market perform" rating for the company in a report on Friday, July 17th. Finally, Royal Bank Of Canada set a $70.00 price objective on Alcoa in a research report on Wednesday, July 1st. 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $61.09.

Alcoa Price Performance

Alcoa stock opened at $51.81 on Tuesday. The company's fifty day moving average price is $51.58 and its 200 day moving average price is $60.49. Alcoa has a 1 year low of $28.92 and a 1 year high of $84.38. The stock has a market capitalization of $13.67 billion, a P/E ratio of 10.66, a P/E/G ratio of 0.57 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53.

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

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, August 11th. Alcoa's payout ratio is presently 8.23%.

Alcoa 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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