The Manufacturers Life Insurance Company Reduces Position in Alcoa Co. (NYSE:AA)

The Manufacturers Life Insurance Company cut its holdings in shares of Alcoa Co. (NYSE:AA - Free Report) by 5.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 259,265 shares of the industrial products company's stock after selling 15,945 shares during the period. The Manufacturers Life Insurance Company owned 0.14% of Alcoa worth $10,314,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in Alcoa by 15.1% in the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 309 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Alcoa by 1.4% in the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company's stock worth $1,073,000 after buying an additional 368 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Alcoa by 5.7% in the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company's stock worth $262,000 after buying an additional 416 shares during the last quarter. CWM LLC raised its holdings in shares of Alcoa by 19.5% in the second quarter. CWM LLC now owns 3,651 shares of the industrial products company's stock worth $145,000 after buying an additional 596 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in shares of Alcoa by 0.4% in the first quarter. New York State Teachers Retirement System now owns 153,900 shares of the industrial products company's stock worth $5,200,000 after buying an additional 600 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AA has been the subject of several recent research reports. B. Riley raised their target price on shares of Alcoa from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, September 17th. Morgan Stanley reduced their target price on shares of Alcoa from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, July 22nd. B. Riley Financial reissued a "neutral" rating and set a $41.00 target price on shares of Alcoa in a report on Tuesday, September 17th. UBS Group raised their target price on shares of Alcoa from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Finally, 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 report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $41.64.

Alcoa Trading Up 2.5 %

Shares of Alcoa stock traded up $0.95 on Friday, reaching $39.12. The company had a trading volume of 4,140,727 shares, compared to its average volume of 6,002,650. The firm's 50 day moving average price is $32.93 and its two-hundred day moving average price is $36.17. The firm has a market cap of $7.02 billion, a PE ratio of -10.38 and a beta of 2.42. Alcoa Co. has a 52-week low of $23.07 and a 52-week 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 released its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the firm earned ($0.35) EPS. The business's revenue was up 8.3% on a year-over-year basis. Sell-side analysts predict that Alcoa Co. will post 0.56 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm 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 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa's payout ratio is currently -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.