Bank of Nova Scotia Increases Holdings in Alcoa Co. (NYSE:AA)

Bank of Nova Scotia lifted its position in shares of Alcoa Co. (NYSE:AAGet Rating) by 118.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 22,957 shares of the industrial products company’s stock after buying an additional 12,459 shares during the period. Bank of Nova Scotia’s holdings in Alcoa were worth $1,048,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AA. Bank of Montreal Can raised its position in shares of Alcoa by 45.5% during the 1st quarter. Bank of Montreal Can now owns 220,819 shares of the industrial products company’s stock worth $20,368,000 after purchasing an additional 69,032 shares during the last quarter. Aviva PLC acquired a new position in shares of Alcoa during the 2nd quarter worth approximately $3,272,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Alcoa by 107.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 70,087 shares of the industrial products company’s stock worth $6,310,000 after purchasing an additional 36,245 shares during the last quarter. Swiss National Bank raised its position in shares of Alcoa by 7.6% during the 1st quarter. Swiss National Bank now owns 442,394 shares of the industrial products company’s stock worth $39,829,000 after purchasing an additional 31,200 shares during the last quarter. Finally, Securian Asset Management Inc. raised its position in shares of Alcoa by 1.8% during the 2nd quarter. Securian Asset Management Inc. now owns 16,815 shares of the industrial products company’s stock worth $766,000 after purchasing an additional 296 shares during the last quarter.

Alcoa Stock Down 0.1 %

Shares of Alcoa stock opened at $47.31 on Friday. The company has a fifty day moving average price of $41.12 and a 200 day moving average price of $48.64. The company has a current ratio of 1.81, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. Alcoa Co. has a twelve month low of $33.55 and a twelve month high of $98.09. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of -56.32, a price-to-earnings-growth ratio of 1.07 and a beta of 2.37.

Alcoa (NYSE:AAGet Rating) last announced its quarterly earnings results on Wednesday, October 19th. The industrial products company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.42). The business had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a positive return on equity of 22.27% and a negative net margin of 0.91%. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period last year, the company posted $2.05 earnings per share. Equities research analysts forecast that Alcoa Co. will post 4.74 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Tuesday, November 1st were given a $0.10 dividend. The ex-dividend date was Monday, October 31st. This represents a $0.40 dividend on an annualized basis and a yield of 0.85%. Alcoa’s payout ratio is currently -47.62%.

Analysts Set New Price Targets

Several research analysts recently issued reports on AA shares. B. Riley cut their price objective on Alcoa from $51.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday, October 21st. Morgan Stanley cut their price target on Alcoa from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, October 24th. Wolfe Research downgraded Alcoa from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 22nd. StockNews.com assumed coverage on shares of Alcoa in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Credit Suisse Group lowered their price objective on shares of Alcoa from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Thursday, October 20th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $69.42.

Alcoa Company Profile

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Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, Alumina, and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.

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Institutional Ownership by Quarter for Alcoa (NYSE:AA)

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