Alcoa (NYSE:AA) Shares Gap Down to $34.92

Alcoa Co. (NYSE:AA) gapped down prior to trading on Friday . The stock had previously closed at $34.92, but opened at $33.60. Alcoa shares last traded at $33.77, with a volume of 507,886 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on AA shares. B. Riley Financial reaffirmed a “neutral” rating and issued a $41.00 price objective on shares of Alcoa in a research note on Tuesday. Bank of America dropped their price objective on Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Wednesday, September 4th. Finally, UBS Group raised their price objective on Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Alcoa has a consensus rating of “Hold” and an average target price of $40.45.

Alcoa Stock Down 3.9 %

The firm has a fifty day moving average price of $32.61 and a 200-day moving average price of $35.61. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of -9.29 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the firm earned ($0.35) earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts forecast that Alcoa Co. will post 0.7 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, August 12th. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Institutional Investors Weigh In On Alcoa

Several hedge funds have recently made changes to their positions in the business. ANTIPODES PARTNERS Ltd acquired a new position in Alcoa in the second quarter valued at $93,061,000. L1 Capital Pty Ltd acquired a new position in Alcoa in the first quarter valued at $72,658,000. Norges Bank acquired a new position in Alcoa in the fourth quarter valued at $45,730,000. Marshall Wace LLP boosted its holdings in Alcoa by 770.9% in the second quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock valued at $56,599,000 after acquiring an additional 1,259,430 shares during the last quarter. Finally, ARGA Investment Management LP boosted its holdings in Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after acquiring an additional 997,912 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

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 two segments, 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.