The Manufacturers Life Insurance Company Grows Stake in Alcoa $AA

The Manufacturers Life Insurance Company increased its position in Alcoa (NYSE:AA) by 7.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 232,642 shares of the industrial products company’s stock after acquiring an additional 15,315 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Alcoa were worth $15,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in Alcoa by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company’s stock valued at $615,428,000 after acquiring an additional 462,243 shares during the period. State Street Corp grew its stake in shares of Alcoa by 6.7% during the 3rd quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after purchasing an additional 721,063 shares during the period. Geode Capital Management LLC increased its position in shares of Alcoa by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock valued at $389,621,000 after purchasing an additional 349,426 shares during the last quarter. Bank of New York Mellon Corp lifted 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 worth $332,338,000 after purchasing an additional 4,247,559 shares during the period. Finally, L1 Capital Pty Ltd lifted its stake in shares of Alcoa by 22.3% in the 3rd quarter. L1 Capital Pty Ltd now owns 5,887,699 shares of the industrial products company’s stock worth $193,646,000 after purchasing an additional 1,073,357 shares during the period.

Alcoa Price Performance

Shares of NYSE:AA opened at $45.31 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a 1-year low of $28.11 and a 1-year high of $84.38. The company has a market capitalization of $11.96 billion, a P/E ratio of 9.32, a P/E/G ratio of 0.51 and a beta of 1.63. The firm’s 50 day simple moving average is $57.44 and its two-hundred day simple moving average is $61.46.

Alcoa (NYSE:AA) last announced its quarterly earnings data 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 business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations 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 previous year, the firm earned $0.39 earnings per share. Research analysts expect that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. Alcoa’s payout ratio is presently 8.23%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley restated an “equal weight” rating and set a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. B. Riley Financial decreased their price target on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. UBS Group dropped their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, BMO Capital Markets reduced their price objective on Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research note on Friday, July 17th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $61.09.

Alcoa Company 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.