Wellington Management Group LLP Boosts Stake in Alcoa $AA

Wellington Management Group LLP lifted its stake in shares of Alcoa (NYSE:AA) by 17.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 488,951 shares of the industrial products company’s stock after acquiring an additional 72,926 shares during the period. Wellington Management Group LLP owned approximately 0.19% of Alcoa worth $25,494,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Basepoint Wealth LLC bought a new stake in Alcoa during the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Alcoa during the 2nd quarter valued at about $25,000. Advisory Services Network LLC purchased a new position in shares of Alcoa during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after buying an additional 581 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Alcoa in the 1st quarter worth approximately $35,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Alcoa Price Performance

AA opened at $49.98 on Friday. The stock’s 50 day simple moving average is $48.64 and its 200 day simple moving average is $59.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a 1 year low of $30.71 and a 1 year high of $84.38. The firm has a market cap of $13.19 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 0.56 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 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 company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the firm earned $0.39 earnings per share. As a group, analysts predict that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa’s payout ratio is presently 8.23%.

Analysts Set New Price Targets

Several brokerages have issued reports on AA. UBS Group cut 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. Bank of America decreased their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research note on Thursday, July 9th. BMO Capital Markets cut their price objective on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research note on Friday, July 17th. Argus reduced their target price on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Alcoa presently has a consensus rating of “Hold” and a consensus price target of $61.09.

Insider Buying and Selling at Alcoa

In related news, EVP Renato Bacchi sold 700 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the sale, the executive vice president directly owned 74,930 shares in the company, valued at $3,822,928.60. This represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Tammi Jones sold 15,628 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the sale, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. 0.43% of the stock is owned by insiders.

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.