Alcoa (NYSE:AA) Short Interest Down 18.2% in January

Alcoa (NYSE:AA) was the target of a significant decline in short interest during 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 trading 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 trading volume of 8,801,915 shares, the short-interest ratio is presently 0.6 days.

Alcoa Trading Down 1.0%

NYSE:AA traded down $0.59 during midday trading on Monday, hitting $59.92. The stock had a trading volume of 8,965,360 shares, compared to its average volume of 7,827,607. The stock has a 50-day moving average of $57.19 and a 200 day moving average of $42.77. The company has a market capitalization of $15.52 billion, a price-to-earnings ratio of 13.56 and a beta of 1.91. Alcoa has a one year low of $21.53 and a one year high of $66.95. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 0.40.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.31. Alcoa had a return on equity of 16.18% and a net margin of 9.12%.The business had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same period in the prior year, the business earned $1.04 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Alcoa will post 4.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirabella Financial Services LLP increased its position in Alcoa by 12,233.1% during the 3rd quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock valued at $1,318,312,000 after purchasing an additional 39,757,462 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Alcoa by 211.7% during the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock valued at $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter. Norges Bank purchased a new position in Alcoa during the second quarter valued at approximately $97,933,000. L1 Capital Pty Ltd increased its holdings in Alcoa by 178.8% during the second quarter. L1 Capital Pty Ltd now owns 4,814,342 shares of the industrial products company’s stock valued at $142,071,000 after buying an additional 3,087,298 shares during the period. Finally, Drummond Knight Asset Management Pty Ltd bought a new position in Alcoa in the second quarter worth approximately $44,893,000.

Wall Street Analyst Weigh In

AA has been the topic of several analyst reports. B. Riley Financial reiterated a “buy” rating on shares of Alcoa in a report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Alcoa in a report on Monday, December 29th. UBS Group raised their price target on Alcoa from $42.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Wells Fargo & Company dropped their price objective on Alcoa from $71.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday, January 23rd. Finally, BMO Capital Markets upped their price objective on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alcoa has a consensus rating of “Hold” and a consensus target price of $48.25.

About Alcoa

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.