CIBC Asset Management Inc Invests $205,000 in Alcoa Co. (NYSE:AA)

CIBC Asset Management Inc acquired a new position in shares of Alcoa Co. (NYSE:AA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,433 shares of the industrial products company’s stock, valued at approximately $205,000.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new stake in Alcoa in the 3rd quarter worth approximately $43,000. Continuum Advisory LLC grew its stake in Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 1,070 shares during the period. UMB Bank n.a. grew its stake in Alcoa by 78.5% in the 4th quarter. UMB Bank n.a. now owns 1,360 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 598 shares during the period. GAMMA Investing LLC grew its stake in Alcoa by 399.0% in the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 1,157 shares during the period. Finally, Millburn Ridgefield Corp purchased a new stake in Alcoa in the 3rd quarter worth approximately $89,000. 82.39% of the stock is owned by hedge funds and other institutional investors.

Alcoa Stock Performance

NYSE:AA opened at $33.66 on Thursday. Alcoa Co. has a twelve month low of $25.20 and a twelve month high of $47.77. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of -210.38, a PEG ratio of 0.19 and a beta of 2.43. The firm’s fifty day simple moving average is $36.71 and its 200 day simple moving average is $37.95.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. As a group, equities research analysts expect that Alcoa Co. will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. Alcoa’s dividend payout ratio is currently -250.00%.

Analyst Ratings Changes

Several brokerages have recently issued reports on AA. Jefferies Financial Group lowered their price objective on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 6th. BMO Capital Markets boosted their price objective on shares of Alcoa to $43.00 and gave the company a “hold” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. B. Riley raised shares of Alcoa to a “strong-buy” rating in a research note on Tuesday, January 21st. Finally, Bank of America boosted their price objective on shares of Alcoa to $58.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Alcoa currently has a consensus rating of “Moderate Buy” and an average target price of $46.55.

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.