Mackenzie Financial Corp Buys Shares of 80,900 Alcoa Co. (NYSE:AA)

Mackenzie Financial Corp purchased a new position in Alcoa Co. (NYSE:AA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,900 shares of the industrial products company’s stock, valued at approximately $3,218,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AA. Point72 Asia Singapore Pte. Ltd. bought a new stake in Alcoa during the 2nd quarter valued at about $296,000. Point72 Hong Kong Ltd bought a new stake in shares of Alcoa in the second quarter valued at about $2,050,000. Point72 DIFC Ltd purchased a new stake in Alcoa in the second quarter worth about $7,483,000. Marshall Wace LLP increased its position in Alcoa by 770.9% during the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock valued at $56,599,000 after purchasing an additional 1,259,430 shares during the period. Finally, Sagefield Capital LP bought a new stake in shares of Alcoa in the 2nd quarter valued at about $1,568,000. 82.39% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AA. Wolfe Research upgraded shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research note on Wednesday, September 4th. Bank of America raised shares of Alcoa from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $52.00 in a research report on Tuesday. B. Riley boosted their price objective on shares of Alcoa from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, B. Riley Financial reiterated a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research report on Tuesday, September 17th. One equities 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.64.

Alcoa Trading Up 1.6 %

Alcoa stock opened at $39.19 on Wednesday. The firm has a market cap of $7.04 billion, a PE ratio of -10.42 and a beta of 2.42. Alcoa Co. has a 12 month low of $23.07 and a 12 month high of $45.48. The stock’s 50 day simple moving average is $32.69 and its two-hundred day simple moving average is $36.13. 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 (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the prior year, the firm posted ($0.35) earnings per share. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. Analysts anticipate that Alcoa Co. will post 0.56 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa’s dividend payout ratio (DPR) is presently -10.64%.

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.