Alcoa (NYSE:AA) Shares Gap Down to $22.56

Alcoa Corp (NYSE:AA) shares gapped down before the market opened on Tuesday . The stock had previously closed at $23.12, but opened at $22.56. Alcoa shares last traded at $22.03, with a volume of 3,663,000 shares.

Several research firms recently commented on AA. Argus cut Alcoa from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Macquarie cut Alcoa from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $34.00 to $25.00 in a research note on Tuesday, July 9th. Goldman Sachs Group set a $30.00 target price on Alcoa and gave the stock a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets set a $35.00 target price on Alcoa and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Deutsche Bank cut Alcoa from a “buy” rating to a “hold” rating and lowered their target price for the stock from $35.00 to $23.00 in a research note on Thursday, July 11th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Alcoa currently has a consensus rating of “Buy” and a consensus target price of $33.92.

The company has a 50-day moving average price of $19.39 and a 200-day moving average price of $23.76. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 6.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.81 and a current ratio of 1.51.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.34) by $0.33. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.77 billion. Alcoa had a positive return on equity of 2.78% and a negative net margin of 4.92%. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.52 EPS. On average, research analysts expect that Alcoa Corp will post -0.27 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in shares of Alcoa by 7.6% in the 2nd quarter. US Bancorp DE now owns 8,662 shares of the industrial products company’s stock valued at $203,000 after purchasing an additional 614 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Alcoa by 0.3% in the 1st quarter. Jennison Associates LLC now owns 249,415 shares of the industrial products company’s stock valued at $7,024,000 after purchasing an additional 629 shares during the last quarter. Virginia Retirement Systems ET AL lifted its holdings in shares of Alcoa by 2.4% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 34,300 shares of the industrial products company’s stock valued at $803,000 after purchasing an additional 800 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Alcoa by 10.0% in the 1st quarter. CIBC Asset Management Inc now owns 9,005 shares of the industrial products company’s stock valued at $254,000 after purchasing an additional 821 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Alcoa by 24.8% in the 2nd quarter. Van ECK Associates Corp now owns 4,538 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 901 shares during the last quarter.

Alcoa Company Profile (NYSE:AA)

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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