Alcoa Corp (NYSE:AA) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 7,160,000 shares, a decrease of 28.1% from the September 30th total of 9,960,000 shares. Based on an average trading volume of 4,020,000 shares, the short-interest ratio is currently 1.8 days. Currently, 3.9% of the company’s shares are sold short.

Alcoa stock traded down $0.23 during trading hours on Thursday, reaching $20.99. The company had a trading volume of 2,919,378 shares, compared to its average volume of 3,741,650. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.48 and a quick ratio of 0.81. The company has a 50-day moving average price of $20.72 and a 200 day moving average price of $21.66. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 5.86 and a beta of 1.47. Alcoa has a 12-month low of $16.46 and a 12-month high of $36.72.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.09). The firm had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.58 billion. Alcoa had a negative net margin of 6.87% and a negative return on equity of 0.03%. Alcoa’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. As a group, research analysts expect that Alcoa will post -0.81 earnings per share for the current year.

AA has been the topic of a number of research analyst reports. Credit Suisse Group upgraded Alcoa from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $26.00 to $27.00 in a report on Wednesday, September 11th. Argus reiterated a “hold” rating on shares of Alcoa in a report on Friday, October 18th. Bank of America cut Alcoa from a “neutral” rating to an “underperform” rating and set a $21.00 target price on the stock. in a report on Wednesday. B. Riley increased their target price on Alcoa from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, ValuEngine upgraded Alcoa from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $27.75.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Alcoa by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 17,218,938 shares of the industrial products company’s stock worth $403,094,000 after purchasing an additional 296,059 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Alcoa by 22.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock valued at $69,024,000 after buying an additional 549,600 shares during the last quarter. Northern Trust Corp grew its position in shares of Alcoa by 6.0% during the 2nd quarter. Northern Trust Corp now owns 1,694,318 shares of the industrial products company’s stock valued at $39,664,000 after buying an additional 95,637 shares during the last quarter. Morgan Stanley grew its position in shares of Alcoa by 58.9% during the 2nd quarter. Morgan Stanley now owns 1,409,160 shares of the industrial products company’s stock valued at $32,989,000 after buying an additional 522,612 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Alcoa by 1.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,103,226 shares of the industrial products company’s stock valued at $25,827,000 after buying an additional 16,484 shares during the last quarter.

About Alcoa

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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