Alcoa Co. (NYSE:AA – Get Free Report) saw some unusual options trading activity on Thursday. Investors purchased 28,620 call options on the company. This represents an increase of 53% compared to the typical daily volume of 18,647 call options.
Hedge Funds Weigh In On Alcoa
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC increased its holdings in shares of Alcoa by 4,023.0% in the third quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock valued at $416,505,000 after purchasing an additional 10,534,036 shares during the period. Norges Bank acquired a new position in Alcoa in the 4th quarter worth approximately $259,273,000. State Street Corp raised its position in Alcoa by 23.3% during the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock worth $368,965,000 after buying an additional 1,805,915 shares during the last quarter. Sourcerock Group LLC raised its position in Alcoa by 319.1% during the 4th quarter. Sourcerock Group LLC now owns 1,978,009 shares of the industrial products company’s stock worth $74,729,000 after buying an additional 1,506,009 shares during the last quarter. Finally, Paloma Partners Management Co lifted its stake in Alcoa by 11,317.8% during the 3rd quarter. Paloma Partners Management Co now owns 1,427,799 shares of the industrial products company’s stock valued at $55,084,000 after acquiring an additional 1,415,294 shares during the period.
Alcoa Stock Up 1.1 %
NYSE:AA traded up $0.41 during mid-day trading on Thursday, hitting $36.59. 1,919,982 shares of the company’s stock traded hands, compared to its average volume of 4,948,463. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.86 and a current ratio of 1.45. The company has a market capitalization of $9.45 billion, a P/E ratio of -228.81, a P/E/G ratio of 0.20 and a beta of 2.43. The company has a fifty day moving average of $37.07 and a 200 day moving average of $37.77. Alcoa has a twelve month low of $24.86 and a twelve month high of $47.77.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on AA shares. BMO Capital Markets upped their price target on shares of Alcoa to $43.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Argus raised Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group decreased their target price on Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, B. Riley raised shares of Alcoa to a “strong-buy” rating in a research note on Tuesday, January 21st. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Alcoa has an average rating of “Moderate Buy” and a consensus price target of $46.55.
Get Our Latest Stock Analysis on Alcoa
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.
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