216,452 Shares in Alcoa Co. (NYSE:AA) Acquired by Senator Investment Group LP

Senator Investment Group LP purchased a new position in shares of Alcoa Co. (NYSE:AA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 216,452 shares of the industrial products company’s stock, valued at approximately $8,610,000. Senator Investment Group LP owned approximately 0.12% of Alcoa as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Scarborough Advisors LLC purchased a new stake in Alcoa in the 4th quarter worth approximately $39,000. Toronto Dominion Bank lifted its position in Alcoa by 1,501.9% during the first quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock worth $57,000 after buying an additional 1,592 shares during the period. Fifth Third Bancorp boosted its stake in Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock worth $94,000 after buying an additional 309 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Alcoa during the 1st quarter valued at about $101,000. Finally, William B. Walkup & Associates Inc. purchased a new position in shares of Alcoa during the 2nd quarter worth about $102,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AA shares. UBS Group boosted their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. assumed coverage on Alcoa in a research report on Wednesday, September 25th. They issued a “neutral” rating and a $36.00 target price on the stock. Bank of America lowered their price target on Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. StockNews.com downgraded Alcoa from a “hold” rating to a “sell” rating in a report on Friday, September 20th. Finally, B. Riley Financial reiterated a “neutral” rating and set a $41.00 target price on shares of Alcoa in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $40.82.

Alcoa Stock Performance

Alcoa stock opened at $39.27 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. The firm’s fifty day moving average price is $32.51 and its 200 day moving average price is $36.01. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of -10.44 and a beta of 2.42. Alcoa Co. has a 12-month low of $23.07 and a 12-month high of $45.48.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.84 billion. During the same quarter in the prior year, the business posted ($0.35) earnings per share. Alcoa’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, research analysts forecast that Alcoa Co. will post 0.56 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa’s payout ratio is currently -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.