Alcoa (NYSE:AA) Shares Gap Down – What’s Next?

Shares of Alcoa Co. (NYSE:AA) gapped down prior to trading on Thursday . The stock had previously closed at $38.78, but opened at $37.60. Alcoa shares last traded at $36.64, with a volume of 2,427,577 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Morgan Stanley boosted their price target on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. BMO Capital Markets boosted their price target on Alcoa to $43.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Bank of America boosted their price target on shares of Alcoa to $58.00 and gave the stock a “buy” rating in a research note on Thursday, November 28th. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 23rd. Finally, B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price target for the company from $41.00 to $50.00 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.36.

Alcoa Trading Down 3.6 %

The firm has a market cap of $9.66 billion, a PE ratio of -21.25, a PEG ratio of 0.16 and a beta of 2.47. 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 stock’s fifty day simple moving average is $40.54 and its 200-day simple moving average is $37.70.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. On average, sell-side analysts forecast that Alcoa Co. will post 0.94 earnings per share for the current year.

Hedge Funds Weigh In On Alcoa

Institutional investors and hedge funds have recently modified their holdings of the business. Ballentine Partners LLC lifted its position in shares of Alcoa by 3.2% in the fourth quarter. Ballentine Partners LLC now owns 8,973 shares of the industrial products company’s stock valued at $339,000 after acquiring an additional 279 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Alcoa by 3.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,469 shares of the industrial products company’s stock valued at $365,000 after purchasing an additional 339 shares during the last quarter. Blue Trust Inc. lifted its holdings in Alcoa by 12.0% in the 3rd quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 344 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Alcoa by 4.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock worth $352,000 after purchasing an additional 360 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Alcoa by 1.4% during the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 368 shares in the last quarter.

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.