Alcoa (NYSE:AA) Shares Gap Down to $36.57

Alcoa Co. (NYSE:AA) gapped down before the market opened on Tuesday . The stock had previously closed at $36.57, but opened at $35.15. Alcoa shares last traded at $35.40, with a volume of 936,220 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of Alcoa from $27.00 to $29.50 and gave the company an “underweight” rating in a research report on Thursday, January 18th. UBS Group initiated coverage on shares of Alcoa in a research report on Tuesday, January 16th. They set a “sell” rating and a $29.00 price target for the company. BMO Capital Markets dropped their target price on shares of Alcoa from $30.00 to $29.00 and set a “market perform” rating for the company in a report on Thursday, January 18th. Bank of America increased their target price on shares of Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Monday, March 18th. Finally, StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Three research 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.88.

Alcoa Stock Down 1.1 %

The stock’s 50 day simple moving average is $30.48 and its two-hundred day simple moving average is $28.88. The firm has a market cap of $6.49 billion, a P/E ratio of -9.69, a P/E/G ratio of 2.39 and a beta of 2.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.45 and a quick ratio of 0.74.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, January 17th. The industrial products company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.29. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. Alcoa had a negative net margin of 6.17% and a negative return on equity of 6.56%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.70) earnings per share. As a group, research analysts forecast that Alcoa Co. will post 0.31 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, March 4th. Alcoa’s dividend payout ratio is presently -10.96%.

Insider Activity at Alcoa

In related news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction 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 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 filing with the SEC, which can be accessed through this link.

Institutional Trading of Alcoa

A number of large investors have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Alcoa by 3.4% in the 1st quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock worth $352,119,000 after buying an additional 271,387 shares during the last quarter. Morgan Stanley grew its holdings in Alcoa by 24.9% during the 3rd quarter. Morgan Stanley now owns 5,941,667 shares of the industrial products company’s stock valued at $172,665,000 after purchasing an additional 1,185,323 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Alcoa by 4,737.1% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock valued at $208,174,000 after purchasing an additional 4,483,625 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 valued at $146,626,000 after purchasing an additional 1,104,423 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Alcoa during the 1st quarter valued at about $318,670,000.

Alcoa Company Profile

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.