Globeflex Capital L P Takes Position in Alcoa $AA

Key Points

• Globeflex Capital L P opened a new position in Alcoa during the first quarter, buying 104,058 shares worth about $6.9 million. The stake represents about 1.0% of its portfolio.
• Several analysts have recently trimmed price targets or downgraded Alcoa, and the stock now carries a consensus rating of “Hold” with an average target price of $61.09.
• Alcoa recently reported Q2 EPS of $2.12, missing estimates, while revenue of $3.97 billion was also slightly below expectations. The company also pays a quarterly dividend of $0.10 per share, for a 0.9% annual yield.

Globeflex Capital L P acquired a new stake in shares of Alcoa (NYSE:AA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 104,058 shares of the industrial products company's stock, valued at approximately $6,902,000. Alcoa comprises about 1.0% of Globeflex Capital L P's holdings, making the stock its 20th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake 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 acquiring an additional 462,243 shares during the period. State Street Corp raised its position in shares of Alcoa by 6.7% during the 3rd quarter. State Street Corp now owns 11,458,529 shares of the industrial products company's stock worth $376,871,000 after purchasing an additional 721,063 shares during the period. Geode Capital Management LLC raised its position in shares of 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 period. Bank of New York Mellon Corp lifted its holdings in shares of Alcoa by 211.7% in the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company's stock worth $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Finally, L1 Capital Pty Ltd lifted its holdings in shares of Alcoa by 22.3% in 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.

Analyst Ratings Changes

A number of brokerages recently commented on AA. Wall Street Zen downgraded Alcoa from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Bank of America lowered their price target on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a research report on Thursday, July 9th. Wells Fargo & Company dropped their price objective on shares of Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. BMO Capital Markets cut their price objective on shares of Alcoa from $60.00 to $55.00 and set a "market perform" rating on the stock in a research report on Friday, July 17th. Finally, UBS Group reduced their target price on shares of Alcoa from $80.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $61.09.

Alcoa Stock Up 4.2%

Shares of Alcoa stock opened at $46.22 on Thursday. The business's fifty day moving average price is $60.35 and its two-hundred day moving average price is $62.33. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. The company has a market capitalization of $12.20 billion, a P/E ratio of 9.51, a PEG ratio of 0.49 and a beta of 1.63. Alcoa has a 1-year low of $28.11 and a 1-year high of $84.38.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings results 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). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the previous year, the company posted $0.39 EPS. As a group, research analysts forecast that Alcoa will post 6.72 EPS for the current year.

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Tuesday, May 19th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.40 annualized dividend and a yield of 0.9%. Alcoa's dividend payout ratio (DPR) 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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