OVERSEA CHINESE BANKING Corp Ltd Makes New $800,000 Investment in Alcoa $AA

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Alcoa (NYSE:AA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 14,779 shares of the industrial products company’s stock, valued at approximately $800,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Alcoa in the second quarter valued at approximately $1,528,523,000. Bank of New York Mellon Corp increased 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 purchasing an additional 4,247,559 shares during the period. Castle Hook Partners LP purchased a new position in Alcoa during the 4th quarter worth $210,874,000. Maple Rock Capital Partners Inc. bought a new stake in Alcoa during the 4th quarter valued at $173,412,000. Finally, AQR Capital Management LLC raised its position in Alcoa by 153.4% during 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 purchasing an additional 2,503,132 shares in the last quarter. Institutional investors own 82.39% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AA shares. Zacks Research downgraded Alcoa from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Royal Bank Of Canada set a $70.00 price objective on shares of Alcoa in a research note on Wednesday, July 1st. Bank of America dropped their target price on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a report on Thursday, July 9th. Finally, UBS Group cut their target price 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. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $61.09.

Alcoa Trading Up 2.5%

Shares of NYSE:AA opened at $51.83 on Friday. The company has a market capitalization of $13.68 billion, a PE ratio of 10.66, a P/E/G ratio of 0.57 and a beta of 1.63. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. Alcoa has a 12-month low of $29.49 and a 12-month high of $84.38. The business’s fifty day simple moving average is $50.14 and its 200-day simple moving average is $60.25.

Alcoa (NYSE:AA) last issued its quarterly earnings data 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). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter last year, the company earned $0.39 earnings per share. As a group, equities research analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa’s payout ratio is currently 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.