Voya Investment Management LLC Has $35.90 Million Position in Alcoa $AA

Key Points

• Voya Investment Management LLC increased its stake in Alcoa by 4.3%, acquiring an additional 48,604 shares, bringing its total ownership to 1,176,886 shares worth approximately $35.9 million.
• Alcoa reported a quarterly earnings per share of $0.39, surpassing the consensus estimate of $0.29, and generated revenue of $3.02 billion, compared to the estimated $2.96 billion.
• The company declared a quarterly dividend of $0.10, resulting in an annualized dividend yield of 1.2%, with a payout ratio of 10.44%.

Voya Investment Management LLC grew its holdings in Alcoa (NYSE:AA - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,176,886 shares of the industrial products company's stock after purchasing an additional 48,604 shares during the quarter. Voya Investment Management LLC owned about 0.45% of Alcoa worth $35,895,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Alcoa by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 6,803,086 shares of the industrial products company's stock valued at $207,490,000 after acquiring an additional 1,721,222 shares during the period. Sourcerock Group LLC lifted its stake in shares of Alcoa by 319.1% during the fourth quarter. Sourcerock Group LLC now owns 1,978,009 shares of the industrial products company's stock valued at $74,729,000 after acquiring an additional 1,506,009 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Alcoa by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,899,066 shares of the industrial products company's stock valued at $57,922,000 after buying an additional 6,832 shares during the period. L1 Capital Pty Ltd acquired a new position in Alcoa in the first quarter valued at about $52,675,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Alcoa by 39.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,714,733 shares of the industrial products company's stock valued at $52,300,000 after buying an additional 482,936 shares during the period. Institutional investors and hedge funds own 82.39% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on AA. Citigroup raised Alcoa to a "buy" rating and set a $42.00 target price on the stock in a research note on Tuesday, July 8th. Wall Street Zen downgraded Alcoa from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. JPMorgan Chase & Co. decreased their price objective on Alcoa from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Bank of America increased their price target on Alcoa from $26.00 to $27.00 and gave the company an "underperform" rating in a research report on Thursday, July 17th. Finally, B. Riley raised their price objective on Alcoa from $37.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $41.82.

Alcoa Price Performance

AA stock traded down $0.06 during midday trading on Thursday, reaching $32.80. 1,691,366 shares of the stock were exchanged, compared to its average volume of 5,909,090. The stock has a market capitalization of $8.49 billion, a PE ratio of 8.58, a P/E/G ratio of 0.19 and a beta of 2.26. Alcoa has a 52 week low of $21.53 and a 52 week high of $47.77. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.65 and a quick ratio of 0.97. The company has a fifty day moving average price of $30.94 and a 200 day moving average price of $29.34.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.10. The business 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%.Alcoa's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, analysts expect that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 12th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.2%. Alcoa's payout ratio is currently 10.44%.

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.