Alcoa (AA) Shares Gap Down to $56.99
Shares of Alcoa Corp (NYSE:AA) gapped down before the market opened on Friday . The stock had previously closed at $60.31, but opened at $56.99. Alcoa shares last traded at $53.00, with a volume of 19515600 shares trading hands.
Several analysts have issued reports on the stock. JPMorgan Chase & Co. restated a “buy” rating and set a $60.00 price target on shares of Alcoa in a research report on Thursday, October 19th. Cowen restated a “market perform” rating and set a $59.00 price target (up from $51.00) on shares of Alcoa in a research report on Thursday. Gabelli lowered shares of Alcoa from a “buy” rating to a “hold” rating and upped their price target for the company from $57.00 to $60.00 in a research report on Wednesday, October 4th. Berenberg Bank set a $44.00 price target on shares of Alcoa and gave the company a “hold” rating in a research report on Wednesday, October 18th. Finally, Bank of America restated a “buy” rating and set a $63.00 price target (down from $67.00) on shares of Alcoa in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $56.00.
The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 0.90. The company has a market capitalization of $9,820.00 and a price-to-earnings ratio of 45.78.
Several institutional investors have recently bought and sold shares of AA. Huntington National Bank purchased a new stake in Alcoa in the third quarter worth about $112,000. Van ECK Associates Corp lifted its holdings in Alcoa by 3.8% in the second quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock worth $189,000 after buying an additional 213 shares during the period. Fruth Investment Management purchased a new stake in Alcoa in the fourth quarter worth about $200,000. Sigma Planning Corp purchased a new stake in Alcoa in the third quarter worth about $206,000. Finally, First Allied Advisory Services Inc. purchased a new stake in Alcoa in the third quarter worth about $211,000.
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Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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