Bank of New York Mellon Corp Grows Stake in Alcoa $AA

Bank of New York Mellon Corp lifted its holdings in shares of Alcoa (NYSE:AA) by 211.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,254,017 shares of the industrial products company’s stock after acquiring an additional 4,247,559 shares during the quarter. Bank of New York Mellon Corp’s holdings in Alcoa were worth $332,338,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the company. Basepoint Wealth LLC acquired a new position in Alcoa in the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new position in shares of Alcoa during the third quarter worth approximately $27,000. Raleigh Capital Management Inc. boosted its position in shares of Alcoa by 52,500.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after buying an additional 525 shares during the period. CoreCap Advisors LLC boosted its position in shares of Alcoa by 74.1% during the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after buying an additional 237 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Alcoa by 91.9% during the third quarter. NewEdge Advisors LLC now owns 1,161 shares of the industrial products company’s stock worth $38,000 after buying an additional 556 shares during the period.

Analysts Set New Price Targets

Several research analysts have issued reports on AA shares. Zacks Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Morgan Stanley raised shares of Alcoa from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $64.00 to $80.00 in a research note on Thursday, April 9th. Wells Fargo & Company set a $68.00 target price on shares of Alcoa in a research report on Thursday, March 12th. BMO Capital Markets increased their target price on shares of Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alcoa from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $68.60.

Alcoa Stock Down 3.5%

AA stock opened at $78.03 on Friday. Alcoa has a twelve month low of $27.66 and a twelve month high of $84.38. The company has a market cap of $20.59 billion, a PE ratio of 19.75 and a beta of 1.56. The business’s 50-day simple moving average is $68.53 and its 200 day simple moving average is $60.07. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36.

Alcoa (NYSE:AA) last released its earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). Alcoa had a return on equity of 12.57% and a net margin of 8.27%.The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the business earned $2.15 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, research analysts anticipate that Alcoa will post 7.95 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Tuesday, May 19th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. Alcoa’s dividend payout ratio (DPR) is currently 10.13%.

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.