Public Employees Retirement System of Ohio Makes New $3.91 Million Investment in Alcoa $AA

Key Points

• Public Employees Retirement System of Ohio purchased 75,029 Alcoa shares worth approximately $3.91 million during the second quarter. Other major institutions, including BlackRock and Bank of New York Mellon, also increased or initiated positions.
• Analyst sentiment remains mixed: six analysts rate Alcoa a Buy, four a Hold, and two a Sell, producing an overall “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 slightly under expectations. The company maintains a quarterly dividend of $0.10 per share, representing a 0.8% yield.

Public Employees Retirement System of Ohio acquired a new stake in Alcoa (NYSE:AA - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 75,029 shares of the industrial products company's stock, valued at approximately $3,912,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AA. BlackRock Inc. acquired a new position in Alcoa in the 2nd quarter valued at about $1,528,523,000. Bank of New York Mellon Corp grew its stake 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 valued at $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP acquired a new position in shares of Alcoa in the fourth quarter valued at approximately $210,874,000. Maple Rock Capital Partners Inc. acquired a new position in shares of Alcoa in the fourth quarter valued at approximately $173,412,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Alcoa by 153.4% during the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company's stock worth $219,703,000 after purchasing an additional 2,503,132 shares during the period.

Insider Transactions at Alcoa

In other news, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the sale, the executive vice president directly owned 74,930 shares in the company, valued at $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Tammi Jones sold 15,628 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the transaction, the executive vice president directly owned 39,819 shares in the company, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AA. JPMorgan Chase & Co. dropped their price objective on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating on the stock in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Alcoa from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Wells Fargo & Company cut their price target 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. Argus reduced their price objective on shares of Alcoa from $73.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Finally, Bank of America lowered their price objective on Alcoa from $57.00 to $51.00 and set an "underperform" rating on the stock in a report on Thursday, July 9th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $61.09.

Alcoa Trading Up 0.1%

Shares of AA opened at $51.09 on Friday. Alcoa has a twelve month low of $30.58 and a twelve month high of $84.38. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $13.48 billion, a P/E ratio of 10.51, a PEG ratio of 0.58 and a beta of 1.63. The firm's 50-day moving average is $48.72 and its two-hundred day moving average is $59.65.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). The firm had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period last year, the firm earned $0.39 EPS. On average, research analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

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