Alcoa (NYSE:AA) Shares Gap Down to $34.30

Alcoa Co. (NYSE:AA)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $34.30, but opened at $33.19. Alcoa shares last traded at $33.16, with a volume of 552,551 shares traded.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. B. Riley upped their price target on Alcoa from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. UBS Group upgraded Alcoa from a “sell” rating to a “buy” rating and upped their price target for the stock from $32.00 to $38.00 in a research note on Monday, August 12th. Wolfe Research upgraded Alcoa from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 2nd. StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Finally, Citigroup increased their target price on Alcoa from $32.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $39.40.

Alcoa Stock Down 6.1 %

The company’s 50 day moving average price is $35.53 and its two-hundred day moving average price is $35.18. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The stock has a market cap of $5.78 billion, a P/E ratio of -8.57 and a beta of 2.45.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. Alcoa’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.35) EPS. Equities analysts forecast that Alcoa Co. will post 0.7 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, August 12th. Alcoa’s dividend payout ratio is currently -10.64%.

Hedge Funds Weigh In On Alcoa

Large investors have recently made changes to their positions in the business. Spire Wealth Management lifted its holdings in shares of Alcoa by 252.5% in the first quarter. Spire Wealth Management now owns 899 shares of the industrial products company’s stock worth $30,000 after buying an additional 644 shares in the last quarter. Private Wealth Management Group LLC purchased a new position in shares of Alcoa during the fourth quarter valued at about $33,000. Scarborough Advisors LLC bought a new stake in shares of Alcoa in the fourth quarter worth about $39,000. Quest Partners LLC purchased a new stake in shares of Alcoa in the fourth quarter worth about $40,000. Finally, Quadrant Capital Group LLC boosted its stake in Alcoa by 56.0% during the fourth quarter. Quadrant Capital Group LLC now owns 1,605 shares of the industrial products company’s stock valued at $55,000 after buying an additional 576 shares during the last quarter. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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.