Alcoa $AA Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Alcoa by 73.0%, owning approximately $6.60 million worth of the company's shares after selling 586,165 shares in the first quarter.
• Several other institutional investors have increased their stakes in Alcoa, with Dimensional Fund Advisors LP upping its position by 33.9%, now holding shares worth $207.49 million.
• Alcoa's latest earnings results showed a profit of $0.39 earnings per share, surpassing estimates, and the company recently declared a quarterly dividend of $0.10 per share.

Wellington Management Group LLP cut its stake in shares of Alcoa (NYSE:AA - Free Report) by 73.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 216,382 shares of the industrial products company's stock after selling 586,165 shares during the period. Wellington Management Group LLP owned approximately 0.08% of Alcoa worth $6,600,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Continuum Advisory LLC increased its position in shares of Alcoa by 30.7% during the fourth quarter. Continuum Advisory LLC now owns 1,470 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 345 shares during the last quarter. Captrust Financial Advisors grew its holdings in shares of Alcoa by 5.8% in the fourth quarter. Captrust Financial Advisors now owns 6,569 shares of the industrial products company's stock valued at $248,000 after purchasing an additional 361 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Alcoa by 134.7% in the first quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 520 shares in the last quarter. Circle Wealth Management LLC grew its holdings in shares of Alcoa by 7.5% in the fourth quarter. Circle Wealth Management LLC now owns 8,746 shares of the industrial products company's stock valued at $330,000 after purchasing an additional 612 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of Alcoa by 1.1% in the first quarter. State of Michigan Retirement System now owns 61,875 shares of the industrial products company's stock valued at $1,887,000 after purchasing an additional 700 shares in the last quarter.

Alcoa Price Performance

Shares of Alcoa stock traded down $1.37 on Tuesday, hitting $30.82. The company's stock had a trading volume of 5,129,070 shares, compared to its average volume of 5,884,208. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The company has a quick ratio of 0.97, a current ratio of 1.65 and a debt-to-equity ratio of 0.41. The firm has a fifty day moving average price of $30.45 and a 200-day moving average price of $29.51. The company has a market capitalization of $7.98 billion, a P/E ratio of 8.05, a price-to-earnings-growth ratio of 0.18 and a beta of 2.26.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 7.86% and a return on equity of 19.18%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 EPS. On average, equities research analysts expect that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. B. Riley decreased their price target on shares of Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Barclays lifted their price target on shares of Alcoa to $31.00 and gave the stock a "hold" rating in a research note on Friday, May 16th. Wall Street Zen downgraded shares of Alcoa from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. UBS Group reissued a "neutral" rating and issued a $31.00 price objective on shares of Alcoa in a research note on Thursday, May 15th. Finally, Bank of America boosted their price objective on shares of Alcoa from $26.00 to $27.00 and gave the company an "underperform" rating in a research note on Thursday, July 17th. Seven 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $41.23.

Alcoa Profile

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.