Alcoa (NYSE:AA) Sees Large Decrease in Short Interest

Alcoa (NYSE:AA) was the recipient of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 5,480,549 shares, a decline of 18.2% from the January 15th total of 6,702,400 shares. Based on an average daily volume of 8,801,915 shares, the short-interest ratio is presently 0.6 days. Currently, 2.1% of the company’s shares are short sold. Currently, 2.1% of the company’s shares are short sold. Based on an average daily volume of 8,801,915 shares, the short-interest ratio is presently 0.6 days.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. B. Riley Financial restated a “buy” rating on shares of Alcoa in a research report on Friday, January 23rd. Morgan Stanley reissued an “overweight” rating and set a $52.00 price target on shares of Alcoa in a research note on Monday, December 15th. Weiss Ratings restated a “hold (c)” rating on shares of Alcoa in a report on Monday, December 29th. Wells Fargo & Company reduced their target price on Alcoa from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, January 23rd. Finally, Zacks Research lowered shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.25.

Alcoa Stock Performance

Shares of Alcoa stock opened at $57.43 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average price is $57.47 and its 200-day moving average price is $42.98. The firm has a market cap of $14.87 billion, a P/E ratio of 12.99 and a beta of 1.91. Alcoa has a 12 month low of $21.53 and a 12 month high of $66.95.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.31. The company had revenue of ($1,130.00) million for the quarter, compared to analysts’ expectations of $3.28 billion. Alcoa had a net margin of 9.12% and a return on equity of 16.18%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.04 EPS. On average, equities research analysts expect that Alcoa will post 4.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its holdings in Alcoa by 455.9% in the third quarter. Pacer Advisors Inc. now owns 62,982 shares of the industrial products company’s stock valued at $2,071,000 after acquiring an additional 51,652 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Alcoa by 121.7% during the 2nd quarter. Mackenzie Financial Corp now owns 1,569,358 shares of the industrial products company’s stock valued at $46,312,000 after purchasing an additional 861,383 shares in the last quarter. Drummond Knight Asset Management Pty Ltd acquired a new position in shares of Alcoa in the 2nd quarter valued at $44,893,000. Nordea Investment Management AB boosted its holdings in Alcoa by 190.8% during the third quarter. Nordea Investment Management AB now owns 142,050 shares of the industrial products company’s stock worth $4,592,000 after buying an additional 93,204 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Alcoa during the third quarter valued at $1,144,000.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.