Alcoa (NYSE:AA) Shares Gap Down to $36.57

Alcoa Co. (NYSE:AA)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $36.57, but opened at $35.15. Alcoa shares last traded at $35.40, with a volume of 936,220 shares traded.

Wall Street Analysts Forecast Growth

AA has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of Alcoa from $27.00 to $29.50 and gave the company an “underweight” rating in a research note on Thursday, January 18th. JPMorgan Chase & Co. upped their price target on Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. BMO Capital Markets cut their price objective on Alcoa from $30.00 to $29.00 and set a “market perform” rating on the stock in a research report on Thursday, January 18th. Bank of America raised their price target on Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, March 18th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.88.

Alcoa Price Performance

The company has a quick ratio of 0.74, a current ratio of 1.45 and a debt-to-equity ratio of 0.30. The stock has a market cap of $6.39 billion, a P/E ratio of -9.75, a P/E/G ratio of 2.35 and a beta of 2.47. The firm has a 50 day moving average price of $30.81 and a 200 day moving average price of $28.97.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.58). The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Alcoa had a negative net margin of 6.17% and a negative return on equity of 6.56%. Alcoa’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.23) EPS. On average, analysts forecast that Alcoa Co. will post 0.33 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Tuesday, March 5th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, March 4th. Alcoa’s dividend payout ratio is currently -10.96%.

Insider Buying and Selling at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was 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 $1,267,089.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AA. Neo Ivy Capital Management bought a new position in Alcoa during the second quarter valued at approximately $27,000. Fairfield Bush & CO. purchased a new stake in shares of Alcoa during the 1st quarter worth approximately $29,000. Tennessee Valley Asset Management Partners bought a new position in shares of Alcoa during the 4th quarter valued at approximately $31,000. Resurgent Financial Advisors LLC purchased a new position in shares of Alcoa in the fourth quarter valued at $32,000. Finally, Private Wealth Management Group LLC bought a new stake in Alcoa in the fourth quarter worth $33,000.

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.