The Manufacturers Life Insurance Company Buys 46,897 Shares of Alcoa Co. (NYSE:AA)

The Manufacturers Life Insurance Company raised its position in shares of Alcoa Co. (NYSE:AA) by 18.1% during the third quarter, HoldingsChannel reports. The fund owned 306,162 shares of the industrial products company’s stock after acquiring an additional 46,897 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Alcoa were worth $11,812,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new position in Alcoa during the 2nd quarter valued at $27,000. UMB Bank n.a. lifted its position in shares of Alcoa by 481.7% during the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 631 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Alcoa by 15.1% during the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 309 shares during the period. William B. Walkup & Associates Inc. bought a new position in shares of Alcoa in the second quarter worth about $102,000. Finally, Blue Trust Inc. increased its stake in Alcoa by 536.7% in the 2nd quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock worth $114,000 after buying an additional 2,426 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Alcoa Stock Performance

Shares of Alcoa stock opened at $45.71 on Tuesday. The company has a market capitalization of $11.81 billion, a PE ratio of -25.97, a P/E/G ratio of 0.93 and a beta of 2.42. The company has a 50-day simple moving average of $41.70 and a two-hundred day simple moving average of $38.22. Alcoa Co. has a one year low of $23.80 and a one year high of $47.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. Alcoa’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.14) EPS. Research analysts expect that Alcoa Co. will post 0.9 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.88%. Alcoa’s dividend payout ratio (DPR) is -22.73%.

Insider Buying and Selling

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on AA. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research note on Wednesday, September 4th. Bank of America lifted their target price on Alcoa to $58.00 and gave the company a “buy” rating in a research report on Thursday, November 28th. UBS Group upped their target price on Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. raised their price target on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.25.

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.