Alcoa Co. (NYSE:AA – Get Rating) traded down 6.2% during mid-day trading on Wednesday after Credit Suisse Group lowered their price target on the stock from $63.00 to $50.00. Credit Suisse Group currently has a neutral rating on the stock. Alcoa traded as low as $40.82 and last traded at $40.85. 94,033 shares were traded during trading, a decline of 98% from the average session volume of 6,190,033 shares. The stock had previously closed at $43.53.
Several other analysts have also recently issued reports on AA. Morgan Stanley raised shares of Alcoa from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $51.00 to $66.00 in a research note on Friday, September 16th. B. Riley decreased their price objective on shares of Alcoa from $84.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 28th. The Goldman Sachs Group decreased their price objective on shares of Alcoa from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, July 22nd. Finally, BMO Capital Markets decreased their price objective on shares of Alcoa from $57.00 to $55.00 in a report on Thursday, July 21st. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Alcoa has an average rating of “Moderate Buy” and an average target price of $78.82.
Institutional Investors Weigh In On Alcoa
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hanseatic Management Services Inc. bought a new stake in shares of Alcoa in the 1st quarter worth approximately $25,000. Neo Ivy Capital Management bought a new position in shares of Alcoa during the 2nd quarter worth approximately $27,000. Emerson Wealth LLC bought a new position in Alcoa in the 2nd quarter valued at $29,000. Fairfield Bush & CO. bought a new position in Alcoa in the 1st quarter valued at $29,000. Finally, Ritter Daniher Financial Advisory LLC DE acquired a new stake in shares of Alcoa in the 2nd quarter valued at $33,000.
Alcoa Price Performance
The company has a 50 day moving average price of $48.92 and a 200 day moving average price of $61.00. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 8.06, a PEG ratio of 0.64 and a beta of 2.31. The company has a current ratio of 1.81, a quick ratio of 1.02 and a debt-to-equity ratio of 0.24.
Alcoa (NYSE:AA – Get Rating) last issued its quarterly earnings results on Wednesday, July 20th. The industrial products company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $3.71 by ($1.04). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.48 billion. Alcoa had a net margin of 7.19% and a return on equity of 30.66%. The business’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.49 earnings per share. As a group, equities research analysts forecast that Alcoa Co. will post 7.16 earnings per share for the current year.
Alcoa Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Tuesday, August 9th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Monday, August 8th. Alcoa’s payout ratio is presently 7.86%.
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 three segments: Bauxite, 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.