Grantham Mayo Van Otterloo & Co. LLC Invests $3.20 Million in Alcoa $AA

Grantham Mayo Van Otterloo & Co. LLC bought a new position in Alcoa (NYSE:AA) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 97,400 shares of the industrial products company’s stock, valued at approximately $3,203,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Alcoa by 13.5% during the third quarter. Dimensional Fund Advisors LP now owns 11,118,560 shares of the industrial products company’s stock worth $365,710,000 after buying an additional 1,322,540 shares in the last quarter. State Street Corp increased its holdings in shares of Alcoa by 9.8% in the second quarter. State Street Corp now owns 10,737,466 shares of the industrial products company’s stock valued at $316,863,000 after buying an additional 959,240 shares in the last quarter. L1 Capital Pty Ltd increased its holdings in shares of Alcoa by 178.8% in the second quarter. L1 Capital Pty Ltd now owns 4,814,342 shares of the industrial products company’s stock valued at $142,071,000 after buying an additional 3,087,298 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Alcoa by 4.8% during the 2nd quarter. Geode Capital Management LLC now owns 4,637,897 shares of the industrial products company’s stock valued at $136,898,000 after acquiring an additional 211,141 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Alcoa during the 2nd quarter valued at $97,933,000.

Alcoa Price Performance

AA opened at $61.28 on Wednesday. The firm has a market capitalization of $16.17 billion, a P/E ratio of 13.86 and a beta of 1.85. The stock has a fifty day moving average of $60.87 and a 200-day moving average of $46.29. The company has a quick ratio of 0.87, a current ratio of 1.44 and a debt-to-equity ratio of 0.40. Alcoa has a 12-month low of $21.53 and a 12-month high of $68.40.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $3.28 billion. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.Alcoa’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Equities analysts forecast that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 10th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.7%. Alcoa’s dividend payout ratio is currently 9.05%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AA. Citigroup lifted their target price on Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Wells Fargo & Company reduced their target price on Alcoa from $71.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Alcoa in a research report on Monday, December 29th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $50.00 price target (up from $45.00) on shares of Alcoa in a research note on Thursday, January 8th. Finally, B. Riley Financial restated a “buy” rating on shares of Alcoa in a report on Friday, January 23rd. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $44.45.

Alcoa Company 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.