Cibc World Market Inc. Acquires New Shares in Alcoa $AA

Cibc World Market Inc. acquired a new position in Alcoa (NYSE:AA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 35,459 shares of the industrial products company’s stock, valued at approximately $1,849,000.

A number of other hedge funds have also bought and sold shares of the business. Fifth Third Bancorp boosted its holdings in Alcoa by 3,061.2% in the first quarter. Fifth Third Bancorp now owns 63,098 shares of the industrial products company’s stock worth $4,185,000 after purchasing an additional 61,102 shares during the last quarter. Advisors Preferred LLC bought a new stake in Alcoa in the 1st quarter worth approximately $1,613,000. XY Capital Ltd purchased a new stake in Alcoa during the 1st quarter valued at $1,662,000. Regal Partners Ltd lifted its holdings in shares of Alcoa by 567.4% during the 1st quarter. Regal Partners Ltd now owns 356,330 shares of the industrial products company’s stock valued at $23,635,000 after buying an additional 302,940 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Alcoa during the 2nd quarter valued at $1,179,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Alcoa Trading Up 3.2%

Shares of Alcoa stock opened at $51.32 on Friday. The company’s fifty day simple moving average is $49.21 and its 200-day simple moving average is $60.03. The stock has a market capitalization of $13.54 billion, a PE ratio of 10.56, a P/E/G ratio of 0.56 and a beta of 1.63. Alcoa has a 1-year low of $30.21 and a 1-year high of $84.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92.

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

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 annualized dividend and a yield of 0.8%. Alcoa’s payout ratio is 8.23%.

Wall Street Analyst Weigh In

AA has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Friday, July 17th. Wall Street Zen raised Alcoa from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Zacks Research cut Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Wells Fargo & Company dropped their target price on Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, Bank of America cut their price target on Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research note on Thursday, July 9th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Alcoa has an average rating of “Hold” and an average price target of $61.09.

Alcoa Company Profile

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.