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

The Manufacturers Life Insurance Company raised its stake in Alcoa Co. (NYSE:AA - Free Report) by 18.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 306,162 shares of the industrial products company's stock after buying an additional 46,897 shares during the period. The Manufacturers Life Insurance Company owned about 0.12% of Alcoa worth $11,812,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd purchased a new position in shares of Alcoa during the second quarter worth approximately $93,061,000. Marshall Wace LLP boosted its position in Alcoa by 770.9% during the second quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company's stock valued at $56,599,000 after buying an additional 1,259,430 shares during the period. Global Alpha Capital Management Ltd. bought a new position in shares of Alcoa during the third quarter valued at about $36,165,000. Charles Schwab Investment Management Inc. grew its stake in shares of Alcoa by 32.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,888,590 shares of the industrial products company's stock valued at $72,862,000 after buying an additional 467,986 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Alcoa by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company's stock worth $265,132,000 after buying an additional 390,930 shares during the period.

Wall Street Analyst Weigh In

AA has been the topic of a number of analyst reports. B. Riley raised Alcoa from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $41.00 to $50.00 in a research note on Thursday, October 17th. Bank of America upped their price target on shares of Alcoa to $58.00 and gave the company a "buy" rating in a report on Thursday, November 28th. B. Riley Financial restated a "neutral" rating and issued a $41.00 price objective on shares of Alcoa in a research report on Tuesday, September 17th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Finally, Argus upgraded Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price target on the stock in a report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.25.

Insider Activity at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now owns 57,317 shares of the company's stock, valued at $2,423,935.93. This represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Alcoa Stock Up 0.5 %

Shares of AA stock traded up $0.23 during mid-day trading on Tuesday, reaching $45.93. 774,408 shares of the company's stock traded hands, compared to its average volume of 5,762,394. The company has a market cap of $11.87 billion, a P/E ratio of -26.09, a P/E/G ratio of 0.93 and a beta of 2.44. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. Alcoa Co. has a 12 month low of $23.80 and a 12 month high of $47.77. The company's 50-day moving average price is $41.93 and its 200-day moving average price is $38.26.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the business posted ($1.14) EPS. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts expect that Alcoa Co. will post 0.9 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were given a $0.10 dividend. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.87%. Alcoa's dividend payout ratio (DPR) is presently -22.73%.

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.