Alcoa (NYSE:AA) Shares Gap Down to $36.35

Alcoa Co. (NYSE:AA)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $36.35, but opened at $35.00. Alcoa shares last traded at $36.28, with a volume of 1,490,966 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Bank of America upped their price objective on shares of Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Monday, March 18th. UBS Group upped their price objective on shares of Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a report on Friday. Morgan Stanley upgraded shares of Alcoa from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $28.50 to $36.50 in a research note on Monday. B. Riley upped their price target on shares of Alcoa from $25.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $33.54.

Alcoa Price Performance

The stock has a market cap of $6.41 billion, a P/E ratio of -9.50, a PEG ratio of 4.28 and a beta of 2.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.61 and a quick ratio of 0.93. The business’s fifty day moving average price is $31.31 and its 200 day moving average price is $29.16.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate 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 was down 2.7% compared to the same quarter last year. During the same period last year, the company posted ($0.23) EPS. Sell-side analysts forecast that Alcoa Co. will post 0.17 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Tuesday, March 5th were issued a $0.10 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.12%. Alcoa’s dividend payout ratio (DPR) is presently -10.64%.

Insider Activity at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total transaction of $814,685.04. Following the completion of the transaction, the executive vice president now owns 41,166 shares in the company, valued at approximately $1,267,089.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Alcoa by 34.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after buying an additional 1,104,423 shares during the period. Invesco Ltd. grew its position in shares of Alcoa by 7.4% during the 3rd quarter. Invesco Ltd. now owns 3,216,008 shares of the industrial products company’s stock worth $93,457,000 after buying an additional 222,884 shares during the period. ARGA Investment Management LP grew its position in shares of Alcoa by 202.2% during the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after buying an additional 997,912 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $39,557,000. Finally, Douglas Lane & Associates LLC grew its position in shares of Alcoa by 12.9% during the 1st quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock worth $45,675,000 after buying an additional 154,403 shares during the period.

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.