Alcoa (NYSE:AA) Shares Gap Down to $36.35

Alcoa Co. (NYSE:AA)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $36.35, but opened at $35.00. Alcoa shares last traded at $36.28, with a volume of 1,490,966 shares trading hands.

Analysts Set New Price Targets

AA has been the topic of several recent analyst reports. BMO Capital Markets increased their price target on shares of Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. B. Riley increased their price target on shares of Alcoa from $25.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. JPMorgan Chase & Co. increased their price target on shares of Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. StockNews.com lowered shares of Alcoa from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group raised their target price on shares of Alcoa from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $33.54.

Alcoa Price Performance

The firm has a market cap of $6.48 billion, a price-to-earnings ratio of -9.59, a P/E/G ratio of 4.38 and a beta of 2.47. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average price of $31.51 and a 200-day moving average price of $29.22.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.19). The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) EPS. On average, equities analysts forecast that Alcoa Co. will post 0.17 EPS for the current year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Tuesday, March 5th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.11%. The ex-dividend date was Monday, March 4th. Alcoa’s payout ratio is -10.64%.

Insider Activity at Alcoa

In related news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the completion of the transaction, the executive vice president now owns 41,166 shares of the company’s stock, valued at approximately $1,267,089.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Alcoa during the 3rd quarter worth approximately $1,408,000. Handelsbanken Fonder AB increased its position in Alcoa by 92.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 166,121 shares of the industrial products company’s stock worth $4,827,000 after purchasing an additional 79,802 shares in the last quarter. Raymond James & Associates increased its position in Alcoa by 2.5% during the 3rd quarter. Raymond James & Associates now owns 20,874 shares of the industrial products company’s stock worth $607,000 after purchasing an additional 501 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Alcoa by 12.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 38,317 shares of the industrial products company’s stock worth $1,113,000 after purchasing an additional 4,272 shares in the last quarter. Finally, Total Clarity Wealth Management Inc. acquired a new stake in Alcoa during the 3rd quarter worth approximately $283,000.

About Alcoa

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.