Public Employees Retirement System of Ohio Makes New $3.20 Million Investment in Alcoa Co. (NYSE:AA)

Public Employees Retirement System of Ohio bought a new stake in Alcoa Co. (NYSE:AA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 84,753 shares of the industrial products company's stock, valued at approximately $3,202,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Alcoa by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 25,979,129 shares of the industrial products company's stock valued at $981,491,000 after acquiring an additional 165,420 shares in the last quarter. Norges Bank purchased a new stake in Alcoa during the 4th quarter valued at about $259,273,000. Geode Capital Management LLC increased its stake in Alcoa by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,232,766 shares of the industrial products company's stock valued at $159,966,000 after purchasing an additional 39,022 shares in the last quarter. ARGA Investment Management LP raised its holdings in Alcoa by 29.6% in the fourth quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company's stock worth $113,276,000 after buying an additional 684,505 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Alcoa by 8.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,550,861 shares of the industrial products company's stock worth $96,372,000 after buying an additional 192,078 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors.

Alcoa Trading Up 3.5%

Shares of AA traded up $0.92 during mid-day trading on Tuesday, reaching $27.52. 5,166,642 shares of the company's stock traded hands, compared to its average volume of 5,509,179. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.45 and a quick ratio of 0.86. The stock's 50-day moving average is $26.51 and its two-hundred day moving average is $33.74. Alcoa Co. has a 12 month low of $21.53 and a 12 month high of $47.77. The stock has a market cap of $7.12 billion, a P/E ratio of -172.00, a P/E/G ratio of 0.19 and a beta of 2.29.

Alcoa (NYSE:AA - Get Free Report) last issued its earnings results on Wednesday, April 16th. The industrial products company reported $2.15 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.42. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.58 billion. Research analysts forecast that Alcoa Co. will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Tuesday, May 20th will be given a $0.10 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 1.45%. Alcoa's payout ratio is presently 12.05%.

Wall Street Analyst Weigh In

AA has been the topic of several recent analyst reports. UBS Group reaffirmed a "neutral" rating and set a $31.00 price objective on shares of Alcoa in a research report on Thursday, May 15th. HC Wainwright upped their price target on Alcoa to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Wall Street Zen cut shares of Alcoa from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. decreased their target price on Alcoa from $28.00 to $25.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Finally, Barclays increased their price objective on shares of Alcoa to $31.00 and gave the company a "hold" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $42.50.

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.