Dimensional Fund Advisors LP Has $265.13 Million Stake in Alcoa Co. (NYSE:AA)

Dimensional Fund Advisors LP grew its stake in shares of Alcoa Co. (NYSE:AA) by 6.2% in the second quarter, Holdings Channel reports. The institutional investor owned 6,665,106 shares of the industrial products company’s stock after purchasing an additional 390,930 shares during the period. Dimensional Fund Advisors LP’s holdings in Alcoa were worth $265,132,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. ANTIPODES PARTNERS Ltd acquired a new position in Alcoa in the 2nd quarter valued at approximately $93,061,000. L1 Capital Pty Ltd acquired a new position in shares of Alcoa in the first quarter valued at $72,658,000. Capital Research Global Investors lifted its position in Alcoa by 29.8% in the first 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 period. ARGA Investment Management LP boosted its stake in Alcoa by 202.2% during 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 buying an additional 997,912 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Alcoa by 43.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company’s stock valued at $49,958,000 after buying an additional 444,393 shares during the period. Institutional investors own 82.39% of the company’s stock.

Analysts Set New Price Targets

AA has been the subject of a number of analyst reports. Bank of America reduced their price objective on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. 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 report on Wednesday, September 4th. B. Riley lifted their price objective on Alcoa from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday. Citigroup increased their target price on Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Finally, B. Riley Financial reaffirmed a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $40.27.

Alcoa Stock Performance

Alcoa stock opened at $34.00 on Wednesday. The stock has a 50-day simple moving average of $32.90 and a 200 day simple moving average of $35.58. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of -9.04 and a beta of 2.42. The company has a quick ratio of 0.92, a current ratio of 1.55 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.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share 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 company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the firm posted ($0.35) earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. On average, research analysts anticipate that Alcoa Co. will post 0.7 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. Alcoa’s payout ratio is -10.64%.

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.