Alcoa (NYSE:AA) Shares Down 2.9% – Here’s What Happened

Alcoa Co. (NYSE:AA)’s stock price was down 2.9% on Friday . The stock traded as low as $36.80 and last traded at $36.89. Approximately 357,715 shares were traded during trading, a decline of 75% from the average daily volume of 1,431,005 shares. The stock had previously closed at $37.99.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets raised their price target on Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a report on Thursday, October 17th. Argus raised Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.73.

Alcoa Trading Down 5.5 %

The company has a 50-day moving average of $41.86 and a 200 day moving average of $37.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The company has a market cap of $9.27 billion, a PE ratio of -20.39, a price-to-earnings-growth ratio of 0.79 and a beta of 2.47.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.34. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. Alcoa’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.14) EPS. Analysts predict that Alcoa Co. will post 0.9 earnings per share for the current year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.11%. Alcoa’s dividend payout ratio is presently -22.73%.

Insider Buying and Selling

In other news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. The trade was a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alcoa

A number of hedge funds and other institutional investors have recently made changes to their positions in AA. Retirement Systems of Alabama grew its position in Alcoa by 41.6% during the 3rd quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company’s stock worth $12,107,000 after purchasing an additional 92,201 shares during the period. ING Groep NV purchased a new position in shares of Alcoa in the third quarter valued at approximately $10,201,000. Douglas Lane & Associates LLC grew its holdings in Alcoa by 2.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock worth $54,859,000 after acquiring an additional 27,217 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Alcoa by 6.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,116 shares of the industrial products company’s stock worth $24,233,000 after purchasing an additional 36,869 shares in the last quarter. Finally, Aigen Investment Management LP raised its position in Alcoa by 73.0% in the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock valued at $1,422,000 after purchasing an additional 15,546 shares during the last quarter. Institutional investors own 82.39% of the company’s stock.

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.