Alcoa Co. (NYSE:AA) Short Interest Update

Alcoa Co. (NYSE:AA) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 11,370,000 shares, a decline of 12.6% from the August 15th total of 13,010,000 shares. Based on an average daily trading volume, of 5,710,000 shares, the days-to-cover ratio is presently 2.0 days.

Alcoa Price Performance

Shares of AA stock traded up $0.41 during trading hours on Wednesday, hitting $34.38. 6,444,023 shares of the company’s stock were exchanged, compared to its average volume of 6,019,248. The stock’s 50-day moving average is $32.78 and its 200-day moving average is $35.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of -9.22 and a beta of 2.42. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 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 company had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. As a group, research analysts forecast that Alcoa will post 0.7 EPS for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Monday, August 12th. Alcoa’s dividend payout ratio (DPR) is presently -10.64%.

Hedge Funds Weigh In On Alcoa

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

Analyst Upgrades and Downgrades

AA has been the topic of a number of research reports. StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Bank of America lowered their price objective on Alcoa from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. B. Riley boosted their price objective on Alcoa from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday. B. Riley Financial restated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a research report on Tuesday. Finally, Morgan Stanley lowered their price objective on Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $40.27.

About Alcoa

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.