OVERSEA CHINESE BANKING Corp Ltd Buys Shares of 14,779 Alcoa $AA

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Alcoa (NYSE:AA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,779 shares of the industrial products company’s stock, valued at approximately $800,000.

A number of other large investors have also made changes to their positions in the business. Evergreen Capital Management LLC purchased a new position in Alcoa during the 4th quarter worth $1,399,000. Fifth Third Bancorp raised its stake in Alcoa by 3,061.2% in the first quarter. Fifth Third Bancorp now owns 63,098 shares of the industrial products company’s stock valued at $4,185,000 after buying an additional 61,102 shares during the last quarter. Advisors Preferred LLC acquired a new stake in Alcoa in the first quarter worth about $1,613,000. XY Capital Ltd acquired a new stake in Alcoa in the first quarter worth about $1,662,000. Finally, Regal Partners Ltd grew its stake in shares of Alcoa by 567.4% during the first quarter. Regal Partners Ltd now owns 356,330 shares of the industrial products company’s stock worth $23,635,000 after acquiring an additional 302,940 shares during the last quarter. 82.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AA shares. Morgan Stanley restated an “equal weight” rating and set a $53.00 price objective (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Zacks Research cut shares of Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Bank of America cut their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Friday, July 17th. 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.09.

Alcoa Stock Up 2.5%

Shares of AA stock opened at $51.83 on Friday. Alcoa has a fifty-two week low of $29.49 and a fifty-two week high of $84.38. The firm 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 debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The stock’s 50-day simple moving average is $50.14 and its 200-day simple moving average is $60.25.

Alcoa (NYSE:AA) last released its earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS 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 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 last year, the firm earned $0.39 EPS. Equities analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared 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 of this dividend is Tuesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Alcoa’s dividend payout ratio (DPR) 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.