Alcoa $AA Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System significantly increased its Alcoa stake by 5,246% in the second quarter, acquiring 15.7 million additional shares and ending the period with a 6.05% ownership stake valued at approximately $832.5 million.
• Alcoa reported quarterly EPS of $2.12, below the $2.25 consensus estimate, while revenue of $3.97 billion also slightly missed expectations. The company maintained its quarterly dividend at $0.10 per share, representing a 0.8% annualized yield.
• Analyst sentiment remains mixed, with six Buy, four Hold, and two Sell ratings; the stock has an average rating of Hold and an average price target of $61.09. Two Alcoa executives also sold shares in late August.

California State Teachers Retirement System boosted its position in Alcoa (NYSE:AA - Free Report) by 5,246.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,966,936 shares of the industrial products company's stock after purchasing an additional 15,668,264 shares during the quarter. California State Teachers Retirement System owned about 6.05% of Alcoa worth $832,516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AA. Checchi Capital Advisers LLC grew its holdings in shares of Alcoa by 3.4% during the first quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company's stock worth $341,000 after buying an additional 170 shares in the last quarter. Essential Partners LLC boosted its position in 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 acquiring an additional 193 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in Alcoa by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company's stock worth $3,079,000 after acquiring an additional 229 shares during the last quarter. Himension Capital Singapore PTE. LTD. grew its stake 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 valued at $1,235,000 after acquiring an additional 246 shares in the last quarter. Finally, Sage Rhino Capital LLC grew its stake in Alcoa by 7.0% during the 1st quarter. Sage Rhino Capital LLC now owns 4,276 shares of the industrial products company's stock valued at $284,000 after acquiring an additional 279 shares in the last quarter.

Insider Transactions at Alcoa

In other news, EVP Tammi Jones sold 15,628 shares of Alcoa stock in a transaction dated Thursday, August 27th. The stock was 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 owned 39,819 shares in the company, valued at approximately $2,014,841.40. This trade represents a 28.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Renato Bacchi sold 700 shares of the business's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares of the company's stock, valued at approximately $3,822,928.60. This represents a 0.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Alcoa Stock Performance

NYSE:AA opened at $48.26 on Monday. Alcoa has a 52 week low of $30.81 and a 52 week high of $84.38. The company has a fifty day simple moving average of $48.61 and a two-hundred day simple moving average of $59.24. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 0.55 and a beta of 1.63.

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

Alcoa Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Alcoa from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. UBS Group dropped their price target on Alcoa from $80.00 to $68.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. JPMorgan Chase & Co. cut their price target on Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Royal Bank Of Canada set a $70.00 price objective on Alcoa in a research report on Wednesday, July 1st. Finally, Bank of America cut their target price on Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a research note on Thursday, July 9th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa presently has an average rating of "Hold" and an average price target of $61.09.

About Alcoa

Alcoa Corporation NYSE: AA is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.

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