Alcoa (NYSE:AA) Shares Gap Down to $36.35

Alcoa Co. (NYSE:AA)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $36.35, but opened at $35.00. Alcoa shares last traded at $36.28, with a volume of 1,490,966 shares changing hands.

Wall Street Analyst Weigh In

AA has been the subject of a number of research reports. B. Riley upped their price objective on Alcoa from $25.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. upped their price objective on Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. BMO Capital Markets upped their price objective on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Bank of America upped their price objective on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, March 18th. Finally, StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research report on Friday. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Alcoa presently has an average rating of “Hold” and a consensus price target of $33.54.

Alcoa Price Performance

The firm has a market capitalization of $6.41 billion, a P/E ratio of -9.50, a price-to-earnings-growth ratio of 4.28 and a beta of 2.47. The firm has a 50 day moving average price of $31.31 and a 200-day moving average price of $29.16. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.19). Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the business earned ($0.23) earnings per share. Alcoa’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts expect that Alcoa Co. will post 0.17 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.40 annualized dividend and a dividend yield of 1.12%. Alcoa’s payout ratio is -10.64%.

Insider Transactions at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total value of $814,685.04. Following the sale, the executive vice president now directly owns 41,166 shares in the company, valued at $1,267,089.48. The sale was disclosed in a document filed with the SEC, which is available at this link.

Institutional Trading of Alcoa

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in Alcoa by 34.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after acquiring an additional 1,104,423 shares during the period. Invesco Ltd. raised its stake in shares of Alcoa by 7.4% during the 3rd quarter. Invesco Ltd. now owns 3,216,008 shares of the industrial products company’s stock valued at $93,457,000 after buying an additional 222,884 shares during the last quarter. ARGA Investment Management LP raised its stake in shares of Alcoa by 202.2% during the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after buying an additional 997,912 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Alcoa during the 3rd quarter valued at about $39,557,000. Finally, Douglas Lane & Associates LLC raised its stake in shares of Alcoa by 12.9% during the 1st quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock valued at $45,675,000 after buying an additional 154,403 shares during the last quarter.

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.