Bank of New York Mellon Corp Makes New $166.19 Million Investment in Alcoa $AA

Bank of New York Mellon Corp acquired a new stake in Alcoa (NYSE:AA - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,187,461 shares of the industrial products company's stock, valued at approximately $166,194,000. Bank of New York Mellon Corp owned about 1.21% of Alcoa at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of AA. Dimensional Fund Advisors LP boosted its holdings 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 valued at $615,428,000 after purchasing an additional 462,243 shares during the last quarter. State Street Corp grew its stake 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 valued at $376,871,000 after purchasing an additional 721,063 shares in the last quarter. 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 last quarter. L1 Capital Pty Ltd increased its holdings in Alcoa by 22.3% during the 3rd quarter. L1 Capital Pty Ltd now owns 5,887,699 shares of the industrial products company's stock worth $193,646,000 after purchasing an additional 1,073,357 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Alcoa by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company's stock valued at $219,703,000 after purchasing an additional 2,503,132 shares in the last quarter.

Alcoa Stock Performance

Shares of NYSE AA opened at $51.83 on Monday. 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 firm's 50-day moving average price is $50.14 and its two-hundred day moving average price is $60.27. Alcoa has a 52-week low of $29.49 and a 52-week high of $84.38. The stock has a market capitalization of $13.68 billion, a P/E ratio of 10.66, a P/E/G ratio of 0.59 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings results 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 previous year, the company posted $0.39 earnings per share. As a group, sell-side analysts forecast that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

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

Wall Street Analysts Forecast Growth

AA has been the subject of a number of recent analyst reports. Zacks Research downgraded shares of Alcoa from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. cut their price target 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. UBS Group reduced their price objective on shares of Alcoa from $80.00 to $68.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. BMO Capital Markets decreased their price objective on shares of 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 target price on shares of Alcoa in a research report on Wednesday, July 1st. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $61.09.

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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