Alcoa (NYSE:AA) Shares Gap Down to $44.09

Alcoa Co. (NYSE:AA)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $44.09, but opened at $42.97. Alcoa shares last traded at $42.36, with a volume of 799,986 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AA shares. StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a report on Friday, April 19th. BMO Capital Markets increased their target price on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Jefferies Financial Group raised their target price on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. B. Riley upped their price target on shares of Alcoa from $25.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley raised shares of Alcoa from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $28.50 to $36.50 in a report on Monday, April 22nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.04.

Alcoa Price Performance

The business’s 50-day simple moving average is $36.14 and its 200 day simple moving average is $31.13. The company has a market capitalization of $7.37 billion, a P/E ratio of -10.92, a P/E/G ratio of 4.52 and a beta of 2.45. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. Alcoa’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.23) EPS. As a group, sell-side analysts anticipate that Alcoa Co. will post 0.2 EPS for the current year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 0.97%. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Insider Activity at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the transaction, the executive vice president now owns 41,166 shares of the company’s stock, valued at approximately $1,267,089.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Alcoa

Several large investors have recently modified their holdings of AA. Raymond James & Associates increased its position in shares of Alcoa by 2.5% in the third quarter. Raymond James & Associates now owns 20,874 shares of the industrial products company’s stock worth $607,000 after acquiring an additional 501 shares in the last quarter. M&T Bank Corp grew its position in Alcoa by 41.9% during the 3rd quarter. M&T Bank Corp now owns 9,372 shares of the industrial products company’s stock worth $272,000 after purchasing an additional 2,767 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Alcoa by 86.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,070 shares of the industrial products company’s stock valued at $118,000 after purchasing an additional 1,885 shares during the period. Larson Financial Group LLC purchased a new stake in shares of Alcoa in the third quarter valued at $95,000. Finally, Signaturefd LLC lifted its holdings in shares of Alcoa by 53.0% in the third quarter. Signaturefd LLC now owns 2,661 shares of the industrial products company’s stock valued at $77,000 after purchasing an additional 922 shares in the last quarter.

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.