Bank of New York Mellon Corp Lowers Stake in Alcoa (NYSE:AA)

Bank of New York Mellon Corp trimmed its stake in Alcoa (NYSE:AA - Free Report) by 14.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,170,543 shares of the industrial products company's stock after selling 380,318 shares during the quarter. Bank of New York Mellon Corp owned 0.84% of Alcoa worth $66,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Alcoa during the 4th quarter worth about $259,273,000. Sourcerock Group LLC increased its position in shares of Alcoa by 319.1% in the fourth quarter. Sourcerock Group LLC now owns 1,978,009 shares of the industrial products company's stock worth $74,729,000 after purchasing an additional 1,506,009 shares during the period. Northern Trust Corp increased its position in shares of Alcoa by 46.8% in the fourth quarter. Northern Trust Corp now owns 2,549,608 shares of the industrial products company's stock worth $96,324,000 after purchasing an additional 813,214 shares during the period. Wellington Management Group LLP increased its position in shares of Alcoa by 488.2% in the fourth quarter. Wellington Management Group LLP now owns 802,547 shares of the industrial products company's stock worth $30,320,000 after purchasing an additional 666,117 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Alcoa by 536.9% in the fourth quarter. Mackenzie Financial Corp now owns 645,140 shares of the industrial products company's stock worth $24,373,000 after purchasing an additional 543,853 shares during the period. Institutional investors own 82.39% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on AA. Bank of America reaffirmed an "underperform" rating and issued a $26.00 price objective (down from $58.00) on shares of Alcoa in a research note on Tuesday, April 8th. UBS Group reaffirmed a "neutral" rating and set a $31.00 target price on shares of Alcoa in a research report on Thursday, May 15th. B. Riley cut their target price on Alcoa from $38.00 to $37.00 and set a "buy" rating on the stock in a research report on Tuesday. Wall Street Zen cut Alcoa from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. Finally, Citigroup raised Alcoa to a "buy" rating and set a $42.00 price target on the stock in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $42.23.

Alcoa Stock Down 4.2%

Shares of AA traded down $1.26 on Tuesday, reaching $28.53. The stock had a trading volume of 6,598,418 shares, compared to its average volume of 5,680,920. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 8.59, a price-to-earnings-growth ratio of 0.19 and a beta of 2.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 1.71. The company has a 50-day simple moving average of $28.52 and a 200-day simple moving average of $31.07. Alcoa has a 12-month low of $21.53 and a 12-month high of $47.77.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The industrial products company reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.42. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.58 billion. Alcoa had a return on equity of 18.56% and a net margin of 6.79%. Sell-side analysts predict that Alcoa will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Tuesday, May 20th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $0.40 annualized dividend and a yield of 1.40%. Alcoa's payout ratio is currently 12.05%.

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.