Alcoa $AA Stock Position Lifted by Cibc World Market Inc.

Cibc World Market Inc. boosted its stake in shares of Alcoa (NYSE:AA) by 22.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,315 shares of the industrial products company’s stock after purchasing an additional 10,031 shares during the period. Cibc World Market Inc.’s holdings in Alcoa were worth $2,939,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP grew its position in Alcoa by 12,233.1% during the third quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after purchasing an additional 39,757,462 shares in the last quarter. State Street Corp grew its position in Alcoa by 6.7% in the third quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock worth $376,871,000 after acquiring an additional 721,063 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Alcoa by 13.5% in the third quarter. Dimensional Fund Advisors LP now owns 11,118,560 shares of the industrial products company’s stock worth $365,710,000 after acquiring an additional 1,322,540 shares in the last quarter. Geode Capital Management LLC grew its position in Alcoa by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock worth $389,621,000 after acquiring an additional 349,426 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Alcoa by 211.7% in the fourth 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 acquiring an additional 4,247,559 shares in the last quarter.

Alcoa Price Performance

NYSE AA opened at $73.50 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $69.11 and a 200 day simple moving average of $60.59. The company has a market cap of $19.40 billion, a P/E ratio of 18.61 and a beta of 1.56. Alcoa has a 1 year low of $27.72 and a 1 year high of $84.38.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.20). The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a return on equity of 12.57% and a net margin of 8.27%.Alcoa’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.15 earnings per share. On average, sell-side analysts predict that Alcoa will post 7.95 EPS for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Tuesday, May 19th. Alcoa’s dividend payout ratio is currently 10.13%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted 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. Wells Fargo & Company set a $68.00 target price on shares of Alcoa in a research report on Thursday, March 12th. Morgan Stanley raised shares of Alcoa from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $64.00 to $80.00 in a research report on Thursday, April 9th. Argus set a $73.00 target price on shares of Alcoa in a research report on Monday, April 27th. Finally, Zacks Research downgraded shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. 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. Based on data from MarketBeat.com, Alcoa has a consensus rating of “Hold” and an average target price of $68.60.

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.