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

Alcoa Co. (NYSE:AA)’s share price 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 changing hands.

Analyst Upgrades and Downgrades

AA has been the topic of several research reports. UBS Group increased their target price on Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday. B. Riley Financial reissued a “neutral” rating and set a $41.00 price target on shares of Alcoa in a research report on Tuesday. Morgan Stanley dropped their price objective on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Finally, Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $40.45.

Alcoa Trading Down 3.9 %

The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of -9.29 and a beta of 2.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55. The business has a 50-day moving average of $32.61 and a 200-day moving average of $35.61.

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

Alcoa Dividend Announcement

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

Institutional Trading of Alcoa

Several institutional investors and hedge funds have recently added to or reduced their stakes in AA. Newbridge Financial Services Group Inc. purchased a new position in shares of Alcoa during the 2nd quarter worth approximately $27,000. Scarborough Advisors LLC purchased a new position in shares of Alcoa during the 4th quarter worth approximately $39,000. Quest Partners LLC purchased a new position in shares of Alcoa during the 4th quarter worth approximately $40,000. Quadrant Capital Group LLC raised its stake in shares of Alcoa by 56.0% during the 4th quarter. Quadrant Capital Group LLC now owns 1,605 shares of the industrial products company’s stock worth $55,000 after buying an additional 576 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Alcoa by 1,501.9% during the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock worth $57,000 after buying an additional 1,592 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

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.