Mackenzie Financial Corp Purchases New Shares in Alcoa Co. (NYSE:AA)

Mackenzie Financial Corp acquired a new position in shares of Alcoa Co. (NYSE:AA) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 80,900 shares of the industrial products company’s stock, valued at approximately $3,218,000.

A number of other large investors also recently added to or reduced their stakes in the stock. Scarborough Advisors LLC purchased a new stake in Alcoa during the 4th quarter worth approximately $39,000. Toronto Dominion Bank boosted its stake in shares of Alcoa by 1,501.9% in the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 1,592 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Alcoa by 15.1% during the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 309 shares in the last quarter. Headlands Technologies LLC acquired a new position in Alcoa in the 1st quarter valued at $101,000. Finally, Blue Trust Inc. lifted its holdings in Alcoa by 536.7% in the 2nd quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock valued at $114,000 after purchasing an additional 2,426 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors and hedge funds.

Alcoa Trading Up 1.6 %

NYSE AA opened at $39.19 on Wednesday. Alcoa Co. has a one year low of $23.07 and a one year high of $45.48. The firm has a 50 day simple moving average of $32.69 and a 200-day simple moving average of $36.13. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of -10.42 and a beta of 2.42. 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) last released its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping 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 firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the previous year, the firm posted ($0.35) EPS. Alcoa’s revenue for the quarter was up 8.3% on a year-over-year basis. Equities research analysts anticipate that Alcoa Co. will post 0.56 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company 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. The ex-dividend date was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.02%. Alcoa’s payout ratio is -10.64%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AA shares. UBS Group increased their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. B. Riley Financial restated a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a report on Tuesday, September 17th. B. Riley lifted their target price on shares of Alcoa from $37.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research note on Wednesday, September 4th. Finally, Bank of America raised shares of Alcoa from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $52.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.64.

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.