Canada Pension Plan Investment Board Has $6.22 Million Holdings in Alcoa Co. (NYSE:AA)

Canada Pension Plan Investment Board boosted its holdings in shares of Alcoa Co. (NYSE:AA) by 130.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,319 shares of the industrial products company’s stock after purchasing an additional 88,400 shares during the period. Canada Pension Plan Investment Board owned 0.09% of Alcoa worth $6,218,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. ANTIPODES PARTNERS Ltd bought a new stake in shares of Alcoa during the second quarter valued at approximately $93,061,000. L1 Capital Pty Ltd acquired a new position in shares of Alcoa during the first quarter valued at $72,658,000. Norges Bank bought a new position in Alcoa in the fourth quarter valued at about $45,730,000. ARGA Investment Management LP increased its position in Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after purchasing an additional 997,912 shares during the period. Finally, Capital Research Global Investors raised its holdings in 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 purchasing an additional 475,000 shares during the last quarter. Institutional investors own 82.39% of the company’s stock.

Wall Street Analyst Weigh In

AA has been the subject of a number of analyst reports. UBS Group lifted 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. B. Riley Financial reissued a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research note on Tuesday, September 17th. StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a research report on Friday, September 20th. Bank of America cut their price target on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Finally, Morgan Stanley decreased their price objective 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $40.45.

Alcoa Stock Performance

Shares of AA opened at $36.78 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. Alcoa Co. has a 12 month low of $23.07 and a 12 month high of $45.48. The firm has a fifty day simple moving average of $32.37 and a 200 day simple moving average of $35.85. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of -9.78 and a beta of 2.42.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the company earned ($0.35) EPS. Alcoa’s revenue for the quarter was up 8.3% compared to the same quarter last year. Research analysts forecast that Alcoa Co. will post 0.7 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.09%. The ex-dividend date was Monday, August 12th. Alcoa’s dividend payout ratio (DPR) is currently -10.64%.

Alcoa 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.