Senator Investment Group LP Makes New Investment in Alcoa Co. (NYSE:AA)

Senator Investment Group LP purchased a new stake in shares of Alcoa Co. (NYSE:AA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 216,452 shares of the industrial products company's stock, valued at approximately $8,610,000. Senator Investment Group LP owned approximately 0.12% of Alcoa at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ANTIPODES PARTNERS Ltd bought a new stake in Alcoa in the 2nd quarter worth about $93,061,000. L1 Capital Pty Ltd bought a new stake in Alcoa in the 1st quarter worth about $72,658,000. Marshall Wace LLP increased its holdings in Alcoa by 770.9% in the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company's stock worth $56,599,000 after buying an additional 1,259,430 shares in the last quarter. ARGA Investment Management LP increased its holdings in Alcoa by 202.2% in 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 in the last quarter. Finally, Capital Research Global Investors increased its holdings in Alcoa by 29.8% in 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 in the last quarter. 82.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AA shares. JPMorgan Chase & Co. started coverage on Alcoa in a research report on Wednesday, September 25th. They issued a "neutral" rating and a $36.00 target price on the stock. Morgan Stanley lowered their price objective on Alcoa from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Monday, July 22nd. B. Riley lifted their price objective on Alcoa from $37.00 to $41.00 and gave the company a "neutral" rating in a research report on Tuesday, September 17th. Bank of America lowered their price objective on Alcoa from $46.00 to $43.00 and set a "neutral" rating on the stock in a research report on Thursday, July 18th. Finally, StockNews.com cut Alcoa from a "hold" rating to a "sell" rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Alcoa currently has a consensus rating of "Hold" and a consensus target price of $40.82.

Alcoa Trading Down 1.8 %

NYSE:AA traded down $0.70 during midday trading on Monday, hitting $38.57. 3,455,342 shares of the company traded hands, compared to its average volume of 6,046,434. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average is $32.59 and its 200-day moving average is $36.07. Alcoa Co. has a 12-month low of $23.07 and a 12-month high of $45.48. The firm has a market capitalization of $6.93 billion, a P/E ratio of -10.26 and a beta of 2.42.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the firm posted ($0.35) earnings per share. The business's revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts predict that Alcoa Co. will post 0.56 EPS for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Monday, August 12th. Alcoa's payout ratio is -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.