Alcoa (NYSE:AA) Shares Gap Up to $38.82

Shares of Alcoa Co. (NYSE:AA) gapped up prior to trading on Friday . The stock had previously closed at $38.82, but opened at $39.84. Alcoa shares last traded at $39.85, with a volume of 305,007 shares trading hands.

Analysts Set New Price Targets

AA has been the topic of a number of research reports. Morgan Stanley upgraded Alcoa from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.50 to $50.00 in a report on Friday, June 21st. UBS Group raised their price objective on Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a report on Friday, April 19th. Bank of America raised their price objective on Alcoa from $40.00 to $46.00 and gave the company a “neutral” rating in a report on Wednesday. B. Riley raised their price objective on Alcoa from $25.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Finally, StockNews.com downgraded Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.33.

Alcoa Stock Up 2.5 %

The business has a 50-day moving average of $39.55 and a 200-day moving average of $33.87. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.93 and a current ratio of 1.61. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of -10.58 and a beta of 2.46.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.23) earnings per share. On average, sell-side analysts expect that Alcoa Co. will post 0.85 EPS for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Tuesday, May 21st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Monday, May 20th. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Hedge Funds Weigh In On Alcoa

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC boosted its stake in shares of Alcoa by 31.5% in the 3rd quarter. Kestra Advisory Services LLC now owns 12,989 shares of the industrial products company’s stock valued at $377,000 after buying an additional 3,113 shares during the period. Mariner LLC boosted its stake in shares of Alcoa by 3.6% in the 3rd quarter. Mariner LLC now owns 32,193 shares of the industrial products company’s stock valued at $935,000 after buying an additional 1,116 shares during the period. Teza Capital Management LLC purchased a new position in shares of Alcoa in the 3rd quarter valued at about $363,000. United Services Automobile Association boosted its stake in shares of Alcoa by 10.2% in the 3rd quarter. United Services Automobile Association now owns 12,573 shares of the industrial products company’s stock valued at $365,000 after buying an additional 1,167 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Alcoa by 4.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 29,382 shares of the industrial products company’s stock valued at $854,000 after buying an additional 1,299 shares during the period. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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.