Alcoa (NYSE:AA) Shares Gap Up to $38.82

Alcoa Co. (NYSE:AA)’s share price gapped up before the market opened on Friday . The stock had previously closed at $38.82, but opened at $39.84. Alcoa shares last traded at $39.85, with a volume of 305,007 shares.

Analysts Set New Price Targets

AA has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Alcoa from $40.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday. BMO Capital Markets increased their price target on shares of Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Citigroup increased their price target on shares of Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Morgan Stanley raised shares of Alcoa from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $36.50 to $50.00 in a report on Friday, June 21st. Finally, UBS Group increased their price target on shares of Alcoa from $27.00 to $32.00 and gave the stock a “sell” rating in a report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $37.33.

Alcoa Stock Up 2.5 %

The firm has a market cap of $7.14 billion, a PE ratio of -10.58 and a beta of 2.46. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.93 and a current ratio of 1.61. The company’s 50-day simple moving average is $39.55 and its two-hundred day simple moving average is $33.87.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.19). The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.23) EPS. On average, analysts predict that Alcoa Co. will post 0.85 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Tuesday, May 21st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 annualized dividend and a yield of 1.01%. Alcoa’s payout ratio is currently -10.64%.

Institutional Investors Weigh In On Alcoa

Several institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management lifted its position in shares of Alcoa by 252.5% in the 1st quarter. Spire Wealth Management now owns 899 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 644 shares during the period. Tennessee Valley Asset Management Partners bought a new position in shares of Alcoa in the 4th quarter worth about $31,000. Private Wealth Management Group LLC bought a new position in shares of Alcoa in the 4th quarter worth about $33,000. Quent Capital LLC increased its stake in shares of Alcoa by 64.2% in the 4th quarter. Quent Capital LLC now owns 990 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 387 shares in the last quarter. Finally, Scarborough Advisors LLC bought a new position in shares of Alcoa in the 4th quarter worth about $39,000. Hedge funds and other institutional investors 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.