Alcoa $AA Shares Sold by CI Investments Inc.

CI Investments Inc. lowered its position in Alcoa (NYSE:AA) by 18.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,174 shares of the industrial products company’s stock after selling 15,155 shares during the quarter. CI Investments Inc.’s holdings in Alcoa were worth $4,456,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AA. Bank of New York Mellon Corp raised its holdings 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 valued at $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter. Castle Hook Partners LP acquired a new position in shares of Alcoa during the fourth quarter worth $210,874,000. Maple Rock Capital Partners Inc. acquired a new position in shares of Alcoa during the fourth quarter worth $173,412,000. AQR Capital Management LLC increased its holdings in Alcoa by 153.4% in the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock valued at $219,703,000 after buying an additional 2,503,132 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Alcoa by 247.9% in the fourth quarter. Invesco Ltd. now owns 2,415,697 shares of the industrial products company’s stock valued at $128,370,000 after buying an additional 1,721,280 shares during the last quarter.

Alcoa Trading Down 1.9%

NYSE:AA opened at $45.29 on Friday. The stock’s 50 day moving average price is $59.93 and its 200 day moving average price is $62.25. The company has a market capitalization of $11.95 billion, a PE ratio of 9.32, a P/E/G ratio of 0.52 and a beta of 1.63. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. Alcoa has a 52-week low of $28.11 and a 52-week high of $84.38.

Alcoa (NYSE:AA) last released its quarterly earnings results 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 firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period last year, the firm earned $0.39 EPS. On average, research analysts anticipate that Alcoa will post 6.55 EPS for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. Alcoa’s dividend payout ratio is currently 8.23%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on AA shares. Bank of America decreased their price target on Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a report on Thursday, July 9th. B. Riley Financial dropped their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Wells Fargo & Company cut their target price on Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. UBS Group decreased their target price on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.09.

Alcoa 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.