Legal & General Group Plc Invests $17.79 Million in Alcoa $AA

Legal & General Group Plc bought a new stake in shares of Alcoa (NYSE:AA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 341,104 shares of the industrial products company’s stock, valued at approximately $17,785,000.

A number of other institutional investors have also recently bought and sold shares of AA. Basepoint Wealth LLC acquired a new stake in Alcoa during the 4th quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Alcoa in the second quarter worth about $25,000. Advisory Services Network LLC purchased a new position in shares of Alcoa in the third quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd increased its position in shares of Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 581 shares in the last quarter. Finally, Western Wealth Management LLC acquired a new stake in shares of Alcoa during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Insider Activity

In related news, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction 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 completion of the sale, the executive vice president owned 39,819 shares of the company’s stock, valued at approximately $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 accessible through this link. Insiders own 0.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Argus reduced their price target on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. 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. Finally, UBS Group dropped their price target on Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Alcoa has an average rating of “Hold” and an average target price of $61.09.

Alcoa Stock Performance

Shares of NYSE AA opened at $50.35 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a one year low of $30.21 and a one year high of $84.38. The business’s 50-day moving average price is $49.03 and its two-hundred day moving average price is $59.95. The company has a market capitalization of $13.29 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 0.57 and a beta of 1.63.

Alcoa (NYSE:AA) last posted its quarterly 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 firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period last year, the business 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 firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid 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 is 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.