Northwestern Mutual Wealth Management Co. Purchases New Shares in Alcoa $AA

Key Points

• Northwestern Mutual Wealth Management purchased 21,590 Alcoa shares worth approximately $1.13 million in the second quarter. Other major institutions, including BlackRock, Bank of New York Mellon and AQR Capital Management, also increased or initiated positions.
• Analyst sentiment remains mixed: six analysts rate Alcoa a Buy, four a Hold and two a Sell, producing a consensus Hold rating 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 was also slightly below expectations. The company declared a quarterly dividend of $0.10 per share, equivalent to a 0.8% annualized yield.

Northwestern Mutual Wealth Management Co. purchased a new position in Alcoa (NYSE:AA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,590 shares of the industrial products company's stock, valued at approximately $1,126,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Alcoa during the 2nd quarter valued at $1,528,523,000. Bank of New York Mellon Corp grew its position 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 buying an additional 4,247,559 shares during the period. Castle Hook Partners LP bought a new position in shares of Alcoa in the 4th quarter worth about $210,874,000. Maple Rock Capital Partners Inc. purchased a new position in Alcoa during the 4th quarter valued at about $173,412,000. Finally, AQR Capital Management LLC lifted its position in Alcoa by 153.4% during the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company's stock valued at $219,703,000 after acquiring an additional 2,503,132 shares during the period.

Analysts Set New Price Targets

AA has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Alcoa from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Bank of America lowered their target price on shares of Alcoa from $57.00 to $51.00 and set an "underperform" rating for the company in a report on Thursday, July 9th. Wells Fargo & Company dropped their target price on Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. UBS Group cut their price target on shares of Alcoa from $80.00 to $68.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Finally, Weiss Ratings upgraded shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, June 17th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $61.09.

Alcoa Price Performance

NYSE AA opened at $51.27 on Wednesday. Alcoa has a one year low of $30.21 and a one year high of $84.38. The stock has a 50-day moving average of $49.61 and a 200 day moving average of $60.14. 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 company has a market capitalization of $13.53 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.56 and a beta of 1.63.

Alcoa (NYSE:AA - Get Free Report) last posted its 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). The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate 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 company posted $0.39 EPS. On average, sell-side analysts forecast that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

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

Alcoa 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.

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