California State Teachers Retirement System Buys 53,886 Shares of Alcoa $AA

Key Points

• California State Teachers Retirement System increased its Alcoa stake by 22% in the first quarter, purchasing 53,886 additional shares and bringing its holdings to 298,672 shares valued at approximately $19.8 million.
• Analyst sentiment remains mixed: six analysts rate Alcoa a Buy, four a Hold and two a Sell, producing an overall “Hold” consensus and an average price target of $61.09.
• 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 declared a quarterly dividend of $0.10 per share, representing a 0.9% yield.

California State Teachers Retirement System increased its stake in Alcoa (NYSE:AA - Free Report) by 22.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 298,672 shares of the industrial products company's stock after purchasing an additional 53,886 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Alcoa worth $19,811,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in AA. Regal Partners Ltd raised its stake in shares of Alcoa by 567.4% in the 1st quarter. Regal Partners Ltd now owns 356,330 shares of the industrial products company's stock valued at $23,635,000 after purchasing an additional 302,940 shares during the period. Rokos Capital Management LLP acquired a new position in shares of Alcoa during the first quarter worth about $12,012,000. Empowered Funds LLC boosted its position in shares of Alcoa by 64.6% during the first quarter. Empowered Funds LLC now owns 118,039 shares of the industrial products company's stock worth $7,830,000 after buying an additional 46,332 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Alcoa by 7.0% during the first quarter. The Manufacturers Life Insurance Company now owns 232,642 shares of the industrial products company's stock worth $15,431,000 after buying an additional 15,315 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Alcoa by 25.0% during the first quarter. Quantinno Capital Management LP now owns 59,265 shares of the industrial products company's stock worth $3,931,000 after buying an additional 11,859 shares in the last quarter.

Analyst Ratings Changes

Several research firms have commented on AA. Wall Street Zen upgraded Alcoa from a "hold" rating to a "buy" rating in a research note on Saturday. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research note on Wednesday, July 1st. Morgan Stanley reiterated an "equal weight" rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. 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 report on Thursday, July 9th. Finally, B. Riley Financial reduced their target price on shares of Alcoa from $92.00 to $80.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $61.09.

Alcoa Price Performance

NYSE:AA opened at $45.31 on Friday. Alcoa has a 52-week low of $28.11 and a 52-week high of $84.38. The company has a market cap of $11.96 billion, a P/E ratio of 9.32, a P/E/G ratio of 0.51 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. The stock's 50-day simple moving average is $57.44 and its 200 day simple moving average is $61.49.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate 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 net margin of 9.48% and a return on equity of 18.90%. During the same period last year, the company posted $0.39 earnings per share. As a group, sell-side analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa's dividend payout ratio is presently 8.23%.

About Alcoa

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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