7,978 Shares in Alcoa $AA Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc bought a new position in shares of Alcoa (NYSE:AA) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,978 shares of the industrial products company’s stock, valued at approximately $424,000.

Several other large investors have also recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC lifted its position in Alcoa by 1.9% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 10,682 shares of the industrial products company’s stock worth $568,000 after buying an additional 204 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Alcoa by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company’s stock worth $3,079,000 after purchasing an additional 229 shares during the period. CoreCap Advisors LLC raised its holdings in shares of Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 237 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Alcoa by 1.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 13,596 shares of the industrial products company’s stock worth $722,000 after purchasing an additional 241 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in shares of Alcoa by 1.5% in the 3rd quarter. Quadrant Capital Group LLC now owns 22,497 shares of the industrial products company’s stock worth $740,000 after purchasing an additional 324 shares during the period.

Alcoa Stock Performance

Shares of NYSE:AA opened at $72.48 on Wednesday. The company has a market cap of $19.13 billion, a P/E ratio of 18.35 and a beta of 1.56. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. Alcoa has a one year low of $27.72 and a one year high of $84.38. The business’s 50-day simple moving average is $69.39 and its 200 day simple moving average is $60.84.

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

Alcoa Dividend Announcement

The business also recently announced 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 0.6%. The ex-dividend date was Tuesday, May 19th. Alcoa’s dividend payout ratio (DPR) is presently 10.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on AA shares. UBS Group upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $75.00 to $80.00 in a report on Friday, May 22nd. B. Riley Financial raised their price objective on Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, April 7th. BMO Capital Markets raised their price objective on Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Wells Fargo & Company set a $68.00 price objective on Alcoa in a report on Thursday, March 12th. Finally, JPMorgan Chase & Co. raised their price objective on Alcoa from $68.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Five 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $68.60.

About Alcoa

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.