Canada Pension Plan Investment Board Buys 88,400 Shares of Alcoa Co. (NYSE:AA)

Canada Pension Plan Investment Board raised its position in Alcoa Co. (NYSE:AA - Free Report) by 130.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 156,319 shares of the industrial products company's stock after acquiring an additional 88,400 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.09% of Alcoa worth $6,218,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AA. Dimensional Fund Advisors LP increased its holdings in shares of Alcoa by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company's stock worth $265,132,000 after acquiring an additional 390,930 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in shares of Alcoa in the second quarter valued at $93,061,000. L1 Capital Pty Ltd bought a new position in shares of Alcoa in the first quarter valued at about $72,658,000. Capital Research Global Investors lifted its stake in shares of Alcoa by 29.8% during the 1st quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock worth $69,869,000 after buying an additional 475,000 shares during the last quarter. Finally, ARGA Investment Management LP boosted its holdings in shares of Alcoa by 202.2% during the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company's stock worth $50,399,000 after buying an additional 997,912 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Alcoa in a research note on Wednesday. They issued a "neutral" rating and a $36.00 price target for the company. Wolfe Research raised shares of Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 target price for the company in a research report on Wednesday, September 4th. StockNews.com lowered shares of Alcoa from a "hold" rating to a "sell" rating in a research report on Friday, September 20th. B. Riley boosted their price objective on shares of Alcoa from $37.00 to $41.00 and gave the company a "neutral" rating in a report on Tuesday, September 17th. Finally, Morgan Stanley lowered their target price on shares of Alcoa from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $40.82.

Alcoa Trading Down 2.1 %

Shares of Alcoa stock traded down $0.77 on Wednesday, hitting $36.01. The stock had a trading volume of 5,279,731 shares, compared to its average volume of 6,043,659. The stock has a 50 day moving average of $32.37 and a 200 day moving average of $35.85. The firm has a market capitalization of $9.30 billion, a P/E ratio of -9.58 and a beta of 2.42. Alcoa Co. has a twelve month low of $23.07 and a twelve month high of $45.48. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.05. The company had revenue of $2.91 billion for the quarter, compared to analysts' expectations of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. Alcoa's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. Sell-side analysts expect that Alcoa Co. will post 0.56 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Monday, August 12th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa's dividend payout ratio is presently -10.64%.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.