Legal & General Group Plc Makes New Investment in Alcoa $AA

Legal & General Group Plc bought a new position in Alcoa (NYSE:AA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 341,104 shares of the industrial products company’s stock, valued at approximately $17,785,000. Legal & General Group Plc owned about 0.13% of Alcoa as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of AA. BlackRock Inc. bought a new stake in Alcoa in the second quarter valued at about $1,528,523,000. Bank of New York Mellon Corp lifted its holdings in Alcoa by 211.7% during the 4th 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 buying an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP bought a new position in Alcoa during the 4th quarter worth approximately $210,874,000. Maple Rock Capital Partners Inc. acquired a new position in shares of Alcoa in the 4th quarter worth approximately $173,412,000. Finally, AQR Capital Management LLC increased its holdings in shares of Alcoa by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 4,134,425 shares of the industrial products company’s stock valued at $219,703,000 after acquiring an additional 2,503,132 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, July 17th. Wells Fargo & Company reduced their price objective on Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. UBS Group decreased their price objective on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Wall Street Zen upgraded Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $53.00 target price (down from $79.00) on shares of Alcoa in a research note on Wednesday, July 8th. Six equities 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $61.09.

Insider Activity

In related news, EVP Tammi A. Jones sold 15,628 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the sale, the executive vice president directly owned 39,819 shares in the company, valued at $2,014,841.40. The trade was a 28.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.43% of the stock is owned by corporate insiders.

Alcoa Stock Up 0.1%

AA opened at $50.35 on Monday. Alcoa has a one year low of $30.21 and a one year high of $84.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The stock’s fifty day moving average is $49.03 and its 200-day moving average is $59.95. The company has a market capitalization of $13.29 billion, a PE ratio of 10.36, a P/E/G ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its 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 firm 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 prior year, the business earned $0.39 EPS. On average, equities analysts predict that Alcoa will post 6.55 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders 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 dividend yield of 0.8%. Alcoa’s dividend payout ratio (DPR) is 8.23%.

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.