Meeder Asset Management Inc. Acquires New Stake in Alcoa $AA

Key Points

• Meeder Asset Management acquired a new 32,526-share stake in Alcoa during the second quarter, valued at approximately $1.7 million. Institutional investors collectively own 82.39% of Alcoa’s shares.
• Alcoa’s stock opened at $49.99, down 3.3%, after the company reported quarterly EPS of $2.12, below the $2.25 analyst consensus, while revenue of $3.97 billion also slightly missed expectations.
• Analysts maintain a mixed outlook, resulting in an average “Hold” rating and a consensus price target of $61.09. Alcoa also declared a quarterly dividend of $0.10 per share, representing a 0.8% annualized yield.

Meeder Asset Management Inc. bought a new position in Alcoa (NYSE:AA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 32,526 shares of the industrial products company's stock, valued at approximately $1,696,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Checchi Capital Advisers LLC grew its position in Alcoa by 3.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company's stock valued at $341,000 after purchasing an additional 170 shares during the last quarter. Essential Partners LLC lifted its stake in shares of Alcoa by 0.9% in the first quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company's stock worth $1,361,000 after buying an additional 193 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its stake in shares of Alcoa by 0.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company's stock worth $3,079,000 after buying an additional 229 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Alcoa by 1.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 13,596 shares of the industrial products company's stock valued at $722,000 after buying an additional 241 shares during the last quarter. Finally, Himension Capital Singapore PTE. LTD. increased its position in shares of Alcoa by 1.3% during the first quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company's stock valued at $1,235,000 after acquiring an additional 246 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors.

Alcoa Stock Down 3.3%

Shares of Alcoa stock opened at $49.99 on Wednesday. Alcoa has a twelve month low of $28.92 and a twelve month high of $84.38. 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 company's 50 day moving average is $51.13 and its 200 day moving average is $60.42. The company has a market cap of $13.19 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last announced its 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 analysts' expectations of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Research analysts anticipate that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on AA shares. Wells Fargo & Company decreased their price objective on shares of Alcoa from $72.00 to $71.00 and set an "overweight" rating for the company in a report on Friday, July 17th. Bank of America cut their target price on Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings raised Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, June 17th. Royal Bank Of Canada set a $70.00 price target on Alcoa in a research note on Wednesday, July 1st. Finally, B. Riley Financial lowered their price target on Alcoa from $92.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa currently has an average rating of "Hold" and a consensus target price of $61.09.

Alcoa Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source