Mackenzie Financial Corp Has $21.59 Million Position in Alcoa (NYSE:AA)

Key Points

• Mackenzie Financial Corp increased its stake in Alcoa by 9.7%, now holding approximately 0.27% of the company's shares, valued at about $21.6 million.
• Alcoa reported a quarterly earnings per share (EPS) of $0.39, surpassing analysts' expectations of $0.29, with revenue reaching $3.02 billion.
• Despite recent performance, several analysts have issued mixed ratings on Alcoa, with a consensus price target of $41.23 and an average rating of "Hold."

Mackenzie Financial Corp raised its position in shares of Alcoa (NYSE:AA - Free Report) by 9.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 707,975 shares of the industrial products company's stock after buying an additional 62,835 shares during the quarter. Mackenzie Financial Corp owned about 0.27% of Alcoa worth $21,593,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Sourcerock Group LLC grew its stake in Alcoa by 319.1% during the 4th quarter. Sourcerock Group LLC now owns 1,978,009 shares of the industrial products company's stock worth $74,729,000 after buying an additional 1,506,009 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Alcoa by 46.8% in the 4th quarter. Northern Trust Corp now owns 2,549,608 shares of the industrial products company's stock worth $96,324,000 after acquiring an additional 813,214 shares during the period. Wellington Management Group LLP lifted its position in Alcoa by 488.2% in the 4th quarter. Wellington Management Group LLP now owns 802,547 shares of the industrial products company's stock valued at $30,320,000 after purchasing an additional 666,117 shares during the last quarter. Drummond Knight Asset Management Pty Ltd acquired a new position in Alcoa during the 4th quarter valued at about $19,646,000. Finally, Federated Hermes Inc. grew its position in Alcoa by 395.3% in the 4th quarter. Federated Hermes Inc. now owns 454,507 shares of the industrial products company's stock worth $17,171,000 after purchasing an additional 362,737 shares during the last quarter.

Wall Street Analysts Forecast Growth

AA has been the subject of a number of recent analyst reports. Bank of America increased their price objective on Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a report on Thursday, July 17th. Wall Street Zen cut shares of Alcoa from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. JPMorgan Chase & Co. reduced their price target on shares of Alcoa from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 17th. Morgan Stanley lowered their price objective on shares of Alcoa from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Finally, UBS Group restated a "neutral" rating and issued a $31.00 target price on shares of Alcoa in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $41.23.

Alcoa Trading Down 5.2%

AA stock traded down $1.57 during mid-day trading on Friday, reaching $28.40. 6,928,186 shares of the stock traded hands, compared to its average volume of 6,093,337. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The stock's fifty day moving average is $29.34 and its 200-day moving average is $30.53. The company has a current ratio of 1.65, a quick ratio of 0.97 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.35 billion, a P/E ratio of 7.42, a P/E/G ratio of 0.17 and a beta of 2.24.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.10. The firm had revenue of $3.02 billion for the quarter, compared to analysts' expectations of $2.96 billion. Alcoa had a net margin of 7.86% and a return on equity of 19.27%. The company's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. As a group, sell-side analysts expect that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Tuesday, August 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 12th. Alcoa's payout ratio is 10.44%.

Alcoa Company Profile

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.