Alcoa (NYSE:AA) Shares Gap Up to $33.92

Shares of Alcoa Co. (NYSE:AA) gapped up prior to trading on Monday . The stock had previously closed at $33.92, but opened at $35.00. Alcoa shares last traded at $34.93, with a volume of 425,441 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AA. Wolfe Research upgraded shares of Alcoa from an “underperform” rating to a “peer perform” rating in a report on Friday, August 2nd. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. B. Riley upped their price objective on shares of Alcoa from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Morgan Stanley decreased their price objective on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Finally, Citigroup increased their target price on shares of Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.40.

Alcoa Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55. The stock’s 50-day moving average is $35.53 and its 200 day moving average is $35.18. The stock has a market capitalization of $6.16 billion, a PE ratio of -9.12 and a beta of 2.45.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. Alcoa’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.35) EPS. As a group, equities analysts expect that Alcoa Co. will post 0.7 earnings per share for the current year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Monday, August 12th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, August 12th. Alcoa’s dividend payout ratio is currently -10.64%.

Institutional Trading of Alcoa

A number of large investors have recently bought and sold shares of AA. Fifth Third Bancorp lifted its stake in shares of Alcoa by 15.1% in the second quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 309 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Alcoa by 1.4% in the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company’s stock valued at $1,073,000 after purchasing an additional 368 shares during the period. Diversified Trust Co lifted its stake in shares of Alcoa by 5.7% in the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company’s stock valued at $262,000 after purchasing an additional 416 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Alcoa by 56.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,605 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 576 shares during the period. Finally, CWM LLC lifted its stake in shares of Alcoa by 19.5% in the second quarter. CWM LLC now owns 3,651 shares of the industrial products company’s stock valued at $145,000 after purchasing an additional 596 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.

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.