Meeder Asset Management Inc. Takes Position in Alcoa $AA

Meeder Asset Management Inc. bought a new position in Alcoa (NYSE:AA) in the 2nd quarter, Holdings Channel reports. The fund bought 32,526 shares of the industrial products company’s stock, valued at approximately $1,696,000.

Several other large investors have also added to or reduced their stakes in AA. Basepoint Wealth LLC purchased a new stake in shares of Alcoa in the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Alcoa in the 2nd quarter worth $25,000. Advisory Services Network LLC bought a new stake in Alcoa during the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd raised its holdings in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 581 shares during the period. Finally, Western Wealth Management LLC purchased a new position in shares of Alcoa in the first quarter valued at about $35,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Analysts Set New Price Targets

AA has been the subject of a number of recent analyst reports. B. Riley Financial dropped their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. BMO Capital Markets lowered their price target on Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 17th. UBS Group reduced their price objective on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research note on Wednesday, July 1st. Finally, Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and a consensus price target of $61.09.

Alcoa Price Performance

AA stock opened at $49.99 on Wednesday. Alcoa has a 52 week low of $28.92 and a 52 week high of $84.38. The firm has a market capitalization of $13.19 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63. The company has a fifty day simple moving average of $51.13 and a two-hundred day simple moving average of $60.42. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30.

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

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be paid a dividend of $0.10 per share. 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 payout ratio is presently 8.23%.

Alcoa 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.