Panagora Asset Management Inc. Grows Position in Alcoa $AA

Panagora Asset Management Inc. grew its stake in shares of Alcoa (NYSE:AA) by 93.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,496,468 shares of the industrial products company’s stock after purchasing an additional 721,617 shares during the quarter. Panagora Asset Management Inc.’s holdings in Alcoa were worth $79,522,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Mirabella Financial Services LLP boosted its stake in shares of Alcoa by 12,233.1% during the third quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after purchasing an additional 39,757,462 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Alcoa by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company’s stock valued at $615,428,000 after purchasing an additional 462,243 shares during the period. State Street Corp boosted its stake in shares of Alcoa by 6.7% during the third quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after purchasing an additional 721,063 shares during the period. Geode Capital Management LLC boosted its stake in shares of Alcoa by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock valued at $389,621,000 after purchasing an additional 349,426 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Alcoa by 211.7% during 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 purchasing an additional 4,247,559 shares during the period.

Alcoa Price Performance

AA opened at $68.69 on Monday. The stock has a fifty day simple moving average of $69.43 and a two-hundred day simple moving average of $61.49. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The company has a market cap of $18.13 billion, a price-to-earnings ratio of 17.39 and a beta of 1.56. Alcoa has a 12-month low of $27.72 and a 12-month high of $84.38.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a return on equity of 12.57% and a net margin of 8.27%.Alcoa’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.15 EPS. Research analysts predict that Alcoa will post 7.89 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Tuesday, May 19th were issued a $0.10 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.40 dividend on an annualized basis and a yield of 0.6%. Alcoa’s dividend payout ratio is 10.13%.

Analyst Upgrades and Downgrades

AA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Argus set a $73.00 target price on Alcoa in a report on Monday, April 27th. Citigroup upped their target price on Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a report on Monday, March 16th. Weiss Ratings downgraded Alcoa from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 1st. Finally, Morgan Stanley set a $79.00 target price on Alcoa in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.50.

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.