Alcoa (NYSE:AA) Shares Gap Down to $22.18

Alcoa Corp (NYSE:AA)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $22.83, but opened at $22.18. Alcoa shares last traded at $21.22, with a volume of 3,792,100 shares.

AA has been the topic of several recent analyst reports. Jefferies Financial Group downgraded Alcoa from a “buy” rating to a “hold” rating and cut their price objective for the stock from $29.00 to $23.00 in a report on Thursday, July 18th. ValuEngine upgraded Alcoa from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Goldman Sachs Group upgraded Alcoa from a “neutral” rating to a “buy” rating in a report on Monday, September 23rd. Zacks Investment Research upgraded Alcoa from a “sell” rating to a “hold” rating in a report on Monday, September 2nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $25.00 price objective on shares of Alcoa in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $27.75.

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.81 and a current ratio of 1.48. The company has a 50 day simple moving average of $20.72 and a two-hundred day simple moving average of $21.66. The company has a market cap of $4.18 billion, a PE ratio of 5.93 and a beta of 1.47.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 16th. The industrial products company reported ($0.44) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.09). Alcoa had a negative net margin of 6.87% and a negative return on equity of 0.03%. The business had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period last year, the firm earned $0.63 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts expect that Alcoa Corp will post -0.81 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC purchased a new position in Alcoa during the 2nd quarter valued at about $25,000. TRUE Private Wealth Advisors acquired a new position in Alcoa in the second quarter valued at about $30,000. Lindbrook Capital LLC lifted its stake in Alcoa by 323.7% in the third quarter. Lindbrook Capital LLC now owns 1,339 shares of the industrial products company’s stock valued at $27,000 after buying an additional 1,023 shares during the period. Regal Wealth Group Inc. acquired a new stake in shares of Alcoa during the third quarter worth about $30,000. Finally, Cerebellum GP LLC acquired a new stake in shares of Alcoa during the third quarter worth about $127,000.

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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