Alcoa (NYSE:AA) Hits New 1-Year High – Here’s What Happened

Alcoa Co. (NYSE:AA)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $46.60 and last traded at $46.57, with a volume of 2143745 shares traded. The stock had previously closed at $45.74.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. BMO Capital Markets raised their price objective on Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research report on Thursday, October 17th. B. Riley Financial reissued a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research note on Tuesday, September 17th. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley increased their price objective on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

Alcoa Trading Up 1.7 %

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 50-day moving average is $39.91 and its two-hundred day moving average is $37.82. The company has a market cap of $12.02 billion, a P/E ratio of -26.04, a P/E/G ratio of 0.87 and a beta of 2.42.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.14) EPS. As a group, equities research analysts predict that Alcoa Co. will post 0.89 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s dividend payout ratio is -22.73%.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Alcoa

Several large investors have recently bought and sold shares of AA. Teachers Retirement System of The State of Kentucky grew its position in Alcoa by 37.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 80,831 shares of the industrial products company’s stock worth $3,118,000 after acquiring an additional 21,830 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Alcoa by 42.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock valued at $161,838,000 after purchasing an additional 1,239,479 shares during the last quarter. Impala Asset Management LLC purchased a new stake in Alcoa during the 3rd quarter valued at $6,366,000. Continuum Advisory LLC boosted its stake in Alcoa by 1,945.5% during the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after buying an additional 1,070 shares during the period. Finally, MML Investors Services LLC bought a new position in Alcoa during the third quarter valued at $308,000.

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.