Alcoa Co. (NYSE:AA) Sees Significant Decrease in Short Interest

Alcoa Co. (NYSE:AA) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 9,310,000 shares, a decrease of 6.9% from the September 30th total of 10,000,000 shares. Based on an average trading volume of 5,970,000 shares, the days-to-cover ratio is presently 1.6 days.

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares in the company, valued at approximately $2,423,935.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC boosted its stake in Alcoa by 180.2% during the 3rd quarter. Lindbrook Capital LLC now owns 7,660 shares of the industrial products company’s stock valued at $296,000 after purchasing an additional 4,926 shares during the last quarter. Confluence Investment Management LLC boosted its stake in shares of Alcoa by 14.3% in the 3rd quarter. Confluence Investment Management LLC now owns 13,063 shares of the industrial products company’s stock worth $504,000 after buying an additional 1,635 shares during the last quarter. Amalgamated Bank grew its stake in shares of Alcoa by 35.2% during the 3rd quarter. Amalgamated Bank now owns 122,780 shares of the industrial products company’s stock valued at $4,737,000 after purchasing an additional 31,948 shares during the period. Impax Asset Management Group plc bought a new stake in Alcoa during the third quarter valued at approximately $664,000. Finally, QRG Capital Management Inc. grew its position in shares of Alcoa by 21.5% during the 3rd quarter. QRG Capital Management Inc. now owns 7,781 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 1,378 shares during the period.

Alcoa Stock Up 1.2 %

AA opened at $40.59 on Friday. The company has a market cap of $10.48 billion, a P/E ratio of -23.06, a P/E/G ratio of 0.93 and a beta of 2.42. Alcoa has a 12 month low of $23.80 and a 12 month high of $45.48. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The business’s 50-day moving average price is $36.69 and its 200-day moving average price is $37.13.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the business posted ($1.14) EPS. The business’s revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that Alcoa will post 0.74 EPS for the current year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be given a $0.10 dividend. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.99%. Alcoa’s dividend payout ratio is currently -22.73%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AA. JPMorgan Chase & Co. increased their price target on shares of Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Wednesday, October 23rd. UBS Group upped their price objective on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. B. Riley upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and increased their target price for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Finally, Bank of America upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $52.00 in a research note on Tuesday, October 1st. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.75.

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.