Mackenzie Financial Corp Raises Stock Position in Alcoa Co. (NYSE:AA)

Mackenzie Financial Corp increased its stake in Alcoa Co. (NYSE:AA) by 536.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 645,140 shares of the industrial products company’s stock after acquiring an additional 543,853 shares during the quarter. Mackenzie Financial Corp owned approximately 0.25% of Alcoa worth $24,373,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AA. Norges Bank purchased a new stake in Alcoa in the 4th quarter worth $259,273,000. Sourcerock Group LLC grew its holdings in shares of Alcoa by 319.1% during the fourth quarter. Sourcerock Group LLC now owns 1,978,009 shares of the industrial products company’s stock worth $74,729,000 after buying an additional 1,506,009 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Alcoa by 46.8% during the fourth quarter. Northern Trust Corp now owns 2,549,608 shares of the industrial products company’s stock worth $96,324,000 after buying an additional 813,214 shares in the last quarter. ARGA Investment Management LP grew its holdings in shares of Alcoa by 29.6% during the fourth quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company’s stock worth $113,276,000 after buying an additional 684,505 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Alcoa by 488.2% during the fourth quarter. Wellington Management Group LLP now owns 802,547 shares of the industrial products company’s stock worth $30,320,000 after buying an additional 666,117 shares in the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Alcoa Trading Up 0.3%

Shares of AA stock opened at $28.07 on Monday. The company’s 50-day moving average price is $27.30 and its 200-day moving average price is $34.37. Alcoa Co. has a twelve month low of $21.53 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 stock has a market cap of $7.27 billion, a price-to-earnings ratio of -175.41, a PEG ratio of 0.19 and a beta of 2.29.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 16th. The industrial products company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.42. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.58 billion. As a group, equities analysts predict that Alcoa Co. will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Tuesday, May 20th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.43%. Alcoa’s payout ratio is currently 12.05%.

Wall Street Analyst Weigh In

AA has been the subject of a number of research reports. Morgan Stanley dropped their target price on shares of Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. HC Wainwright upped their target price on shares of Alcoa to $90.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their target price on shares of Alcoa from $28.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. Bank of America reaffirmed an “underperform” rating and set a $26.00 target price (down previously from $58.00) on shares of Alcoa in a report on Tuesday, April 8th. Finally, B. Riley dropped their target price on shares of Alcoa from $44.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Q1 EBITDA beat expectations, Q2 EBITDA estimate raised to 439M from 351M One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $42.50.

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.