Mackenzie Financial Corp Makes New Investment in Alcoa Co. (NYSE:AA)

Mackenzie Financial Corp bought a new position in Alcoa Co. (NYSE:AA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 80,900 shares of the industrial products company's stock, valued at approximately $3,218,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Scarborough Advisors LLC purchased a new position in shares of Alcoa during the 4th quarter valued at $39,000. Toronto Dominion Bank increased its position in shares of Alcoa by 1,501.9% during the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company's stock valued at $57,000 after acquiring an additional 1,592 shares during the last quarter. Fifth Third Bancorp grew its holdings in Alcoa by 15.1% during the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock worth $94,000 after acquiring an additional 309 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Alcoa in the 1st quarter valued at $101,000. Finally, Blue Trust Inc. grew its stake in shares of Alcoa by 536.7% during the 2nd quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company's stock worth $114,000 after purchasing an additional 2,426 shares during the period. Institutional investors own 82.39% of the company's stock.

Alcoa Price Performance

Shares of AA stock traded down $0.01 during trading hours on Wednesday, hitting $39.17. 2,910,575 shares of the company's stock were exchanged, compared to its average volume of 6,021,436. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $32.82 and a two-hundred day moving average of $36.15. The firm has a market cap of $7.03 billion, a P/E ratio of -10.42 and a beta of 2.42. Alcoa Co. has a fifty-two week low of $23.07 and a fifty-two week high of $45.48.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. The business had revenue of $2.91 billion during the quarter, compared to analysts' expectations of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The company's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.35) EPS. Sell-side analysts forecast that Alcoa Co. will post 0.56 EPS for the current year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Monday, August 12th were given a $0.10 dividend. The ex-dividend date was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.02%. Alcoa's payout ratio is -10.64%.

Wall Street Analysts Forecast Growth

AA has been the topic of a number of research reports. UBS Group upped their target price on Alcoa from $38.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, September 19th. StockNews.com downgraded Alcoa from a "hold" rating to a "sell" rating in a research note on Tuesday. B. Riley upped their target price on Alcoa from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, September 17th. B. Riley Financial reiterated a "neutral" rating and issued a $41.00 price target on shares of Alcoa in a report on Tuesday, September 17th. Finally, Wolfe Research raised 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Alcoa has a consensus rating of "Hold" and a consensus target price of $41.64.

About Alcoa

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.