Commerce Bank Makes New Investment in Alcoa $AA

Commerce Bank purchased a new stake in shares of Alcoa (NYSE:AA) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 14,734 shares of the industrial products company’s stock, valued at approximately $768,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in Alcoa during the 2nd quarter worth approximately $1,528,523,000. Bank of New York Mellon Corp increased its stake in shares of Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after acquiring an additional 4,247,559 shares during the period. Castle Hook Partners LP acquired a new stake in shares of Alcoa in the fourth quarter worth $210,874,000. Maple Rock Capital Partners Inc. purchased a new position in shares of Alcoa during the fourth quarter worth $173,412,000. Finally, AQR Capital Management LLC raised its holdings in shares of Alcoa by 153.4% during the fourth quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock worth $219,703,000 after purchasing an additional 2,503,132 shares during the last quarter.

Alcoa Trading Down 3.0%

AA stock opened at $49.72 on Thursday. Alcoa has a 52-week low of $30.21 and a 52-week high of $84.38. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.12 billion, a P/E ratio of 10.23, a PEG ratio of 0.58 and a beta of 1.63. The company’s 50-day simple moving average is $49.37 and its 200-day simple moving average is $60.09.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, equities analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, August 11th. Alcoa’s dividend payout ratio (DPR) is presently 8.23%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Argus reduced their price objective on Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Wall Street Zen upgraded Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Royal Bank Of Canada set a $70.00 target price on Alcoa in a research note on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $61.09.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.