Alcoa Inc. (AA) Sees Significant Decline in Short Interest
Alcoa Inc. (NYSE:AA) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 108,058,030 shares, a decrease of 1.9% from the August 31st total of 110,127,697 shares. Currently, 8.4% of the company’s stock are sold short. Based on an average daily trading volume, of 17,527,870 shares, the days-to-cover ratio is presently 6.2 days.
AA has been the subject of a number of recent analyst reports. Berenberg Bank restated a “hold” rating and issued a $9.00 price objective on shares of Alcoa in a research note on Tuesday, June 14th. Rosenblatt Securities restated a “buy” rating and issued a $15.00 price objective on shares of Alcoa in a research note on Wednesday, June 15th. Bank of America Corp. restated a “buy” rating on shares of Alcoa in a research note on Friday, June 17th. Morgan Stanley restated an “overweight” rating and issued a $12.00 price objective (up previously from $11.00) on shares of Alcoa in a research note on Thursday, June 30th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Alcoa in a research note on Thursday, June 30th. Nine research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.10.
In related news, Director Ulrich Schmidt purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The stock was acquired at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of hedge funds have recently added to or reduced their stakes in AA. Vanguard Group Inc. raised its stake in Alcoa by 2.9% in the second quarter. Vanguard Group Inc. now owns 118,489,630 shares of the company’s stock valued at $1,098,398,000 after buying an additional 3,387,829 shares in the last quarter. First Pacific Advisors LLC increased its position in shares of Alcoa by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the company’s stock valued at $597,509,000 after buying an additional 7,650,380 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of Alcoa during the first quarter valued at approximately $374,584,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Alcoa by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 34,741,129 shares of the company’s stock valued at $322,050,000 after buying an additional 1,074,056 shares during the last quarter. Finally, BlackRock Group LTD increased its position in shares of Alcoa by 0.4% in the first quarter. BlackRock Group LTD now owns 13,821,640 shares of the company’s stock valued at $132,411,000 after buying an additional 55,116 shares during the last quarter.
Alcoa (NYSE:AA) opened at 10.40 on Thursday. The company’s market capitalization is $13.68 billion. Alcoa has a 12 month low of $6.14 and a 12 month high of $11.50. The stock’s 50 day moving average price is $9.96 and its 200 day moving average price is $9.93.
Alcoa (NYSE:AA) last released its quarterly earnings results on Monday, July 11th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.06. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The business earned $5.30 billion during the quarter. During the same period in the prior year, the firm posted $0.19 EPS. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. Equities research analysts anticipate that Alcoa will post $0.44 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.15%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio is presently -42.86%.
Alcoa Company Profile
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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