Canada Pension Plan Investment Board Purchases Shares of 388,400 Alcoa $AA

Canada Pension Plan Investment Board purchased a new stake in shares of Alcoa (NYSE:AA) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 388,400 shares of the industrial products company’s stock, valued at approximately $20,251,000. Canada Pension Plan Investment Board owned about 0.15% of Alcoa at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in AA. Legal & General Group Plc acquired a new position in shares of Alcoa during the second quarter worth approximately $17,785,000. The Manufacturers Life Insurance Company acquired a new stake in Alcoa in the 2nd quarter valued at approximately $12,093,000. Partners Capital Investment Group LLP bought a new stake in Alcoa during the 2nd quarter valued at $462,000. Cibc World Market Inc. bought a new stake in Alcoa during the 2nd quarter valued at $1,849,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new position in Alcoa during the 2nd quarter worth $318,000.

Alcoa Trading Down 1.6%

Shares of Alcoa stock opened at $50.35 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.29 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth ratio of 0.58 and a beta of 1.63. The business has a fifty day simple moving average of $49.03 and a 200-day simple moving average of $59.97. Alcoa has a fifty-two week low of $30.21 and a fifty-two week high of $84.38.

Alcoa (NYSE:AA) last released its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, equities analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. Alcoa’s dividend payout ratio (DPR) is 8.23%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. 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 research note on Thursday, July 9th. UBS Group cut their price objective 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. Weiss Ratings raised shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. B. Riley Financial decreased their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $61.09.

Insider Activity

In other news, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president owned 39,819 shares of the company’s stock, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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.