MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Position in Alcoa $AA

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Alcoa by 39.2% in Q1, owning 1,714,733 shares worth approximately $52.3 million.
• Alcoa reported Q2 earnings of $0.39 per share, surpassing analysts' expectations of $0.29, with a revenue of $3.02 billion for the quarter.
• Analysts are divided on Alcoa's stock, with six rated as Buy, five as Hold, and one as Sell, while the consensus target price is $41.67.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Alcoa (NYSE:AA - Free Report) by 39.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,714,733 shares of the industrial products company's stock after acquiring an additional 482,936 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.66% of Alcoa worth $52,300,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AA. Wealth Enhancement Advisory Services LLC boosted its position in Alcoa by 61.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,914 shares of the industrial products company's stock valued at $516,000 after buying an additional 6,447 shares during the period. GAMMA Investing LLC increased its position in shares of Alcoa by 58.8% in the first quarter. GAMMA Investing LLC now owns 2,298 shares of the industrial products company's stock valued at $70,000 after acquiring an additional 851 shares during the period. SG Americas Securities LLC increased its position in shares of Alcoa by 630.4% in the first quarter. SG Americas Securities LLC now owns 28,955 shares of the industrial products company's stock valued at $883,000 after acquiring an additional 24,991 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Alcoa by 10.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,087 shares of the industrial products company's stock worth $582,000 after purchasing an additional 1,831 shares during the period. Finally, QRG Capital Management Inc. lifted its holdings in Alcoa by 58.0% in the first quarter. QRG Capital Management Inc. now owns 11,236 shares of the industrial products company's stock worth $343,000 after buying an additional 4,125 shares during the period.

Alcoa Stock Up 3.0%

NYSE:AA traded up $0.93 during mid-day trading on Thursday, reaching $31.86. The company's stock had a trading volume of 2,746,140 shares, compared to its average volume of 5,897,100. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The stock has a fifty day moving average of $30.70 and a 200-day moving average of $29.37. The firm has a market capitalization of $8.25 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 0.18 and a beta of 2.26. The company has a quick ratio of 0.97, a current ratio of 1.65 and a debt-to-equity ratio of 0.41.

Alcoa (NYSE:AA - Get Free Report) last posted its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.10. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.96 billion. Alcoa had a return on equity of 19.18% and a net margin of 7.86%.The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 earnings per share. Equities research analysts forecast that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Tuesday, August 12th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, August 12th. Alcoa's dividend payout ratio (DPR) is currently 10.44%.

Analyst Ratings Changes

A number of analysts have recently weighed in on AA shares. Morgan Stanley reduced their target price on shares of Alcoa from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. UBS Group reaffirmed a "neutral" rating and issued a $31.00 target price on shares of Alcoa in a research report on Thursday, May 15th. Barclays lifted their price target on Alcoa to $31.00 and gave the stock a "hold" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. dropped their price target on shares of Alcoa from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, July 17th. Finally, B. Riley raised their price target on shares of Alcoa from $37.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $41.75.

About Alcoa

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.