California State Teachers Retirement System Purchases 53,886 Shares of Alcoa $AA

California State Teachers Retirement System boosted its position in Alcoa (NYSE:AA) by 22.0% in the 1st quarter, HoldingsChannel reports. The firm owned 298,672 shares of the industrial products company’s stock after acquiring an additional 53,886 shares during the period. California State Teachers Retirement System’s holdings in Alcoa were worth $19,811,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock valued at $332,338,000 after buying an additional 4,247,559 shares during the period. Castle Hook Partners LP acquired a new stake in shares of Alcoa in the fourth quarter valued at approximately $210,874,000. Maple Rock Capital Partners Inc. bought a new position in shares of Alcoa during the 4th quarter worth approximately $173,412,000. AQR Capital Management LLC boosted its stake in shares of 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 worth $219,703,000 after acquiring an additional 2,503,132 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Alcoa by 247.9% during the 4th quarter. Invesco Ltd. now owns 2,415,697 shares of the industrial products company’s stock worth $128,370,000 after acquiring an additional 1,721,280 shares during the last quarter.

Analyst Ratings Changes

AA has been the topic of a number of research analyst reports. Zacks Research cut Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $53.00 price objective (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. Bank of America decreased their price objective 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. Wells Fargo & Company dropped their price objective on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Finally, UBS Group cut their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $61.09.

Alcoa Price Performance

Alcoa stock opened at $45.31 on Friday. The company has a market capitalization of $11.96 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.51 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 $28.11 and a 12 month high of $84.38. The stock’s 50 day moving average is $57.44 and its 200-day moving average is $61.49.

Alcoa (NYSE:AA) last released its quarterly 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 analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period in the previous year, the business posted $0.39 earnings per share. Equities research analysts expect that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.40 annualized dividend and a yield of 0.9%. Alcoa’s dividend payout ratio (DPR) is presently 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.