Alcoa (NYSE:AA) Shares Gap Down to $36.57

Alcoa Co. (NYSE:AA)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $36.57, but opened at $35.15. Alcoa shares last traded at $35.40, with a volume of 936,220 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AA shares. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. BMO Capital Markets lowered their price objective on Alcoa from $30.00 to $29.00 and set a “market perform” rating on the stock in a report on Thursday, January 18th. Morgan Stanley increased their price objective on Alcoa from $27.00 to $29.50 and gave the company an “underweight” rating in a report on Thursday, January 18th. UBS Group assumed coverage on Alcoa in a report on Tuesday, January 16th. They set a “sell” rating and a $29.00 price objective on the stock. Finally, Bank of America raised their target price on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Monday, March 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.88.

Alcoa Trading Down 1.1 %

The company has a 50-day simple moving average of $30.48 and a 200-day simple moving average of $28.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.74 and a current ratio of 1.45. The stock has a market cap of $6.49 billion, a P/E ratio of -9.69, a P/E/G ratio of 2.39 and a beta of 2.47.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, January 17th. The industrial products company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.85) by $0.29. Alcoa had a negative return on equity of 6.56% and a negative net margin of 6.17%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the firm earned ($0.70) EPS. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, sell-side analysts forecast that Alcoa Co. will post 0.31 EPS for the current fiscal year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.11%. Alcoa’s payout ratio is -10.96%.

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total value of $814,685.04. Following the completion of the transaction, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Institutional Trading of Alcoa

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its position in shares of Alcoa by 3.4% in the first quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock valued at $352,119,000 after purchasing an additional 271,387 shares during the last quarter. Morgan Stanley grew its position in Alcoa by 24.9% during the third quarter. Morgan Stanley now owns 5,941,667 shares of the industrial products company’s stock worth $172,665,000 after buying an additional 1,185,323 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Alcoa by 4,737.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock worth $208,174,000 after buying an additional 4,483,625 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Alcoa by 34.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after buying an additional 1,104,423 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Alcoa during the first quarter worth approximately $318,670,000.

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.