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

Alcoa Co. (NYSE:AA)’s share price reached a new 52-week high 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

Several equities research analysts have commented on the stock. UBS Group increased their price objective on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lifted their price target on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. BMO Capital Markets upped their price objective on Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research note on Thursday, October 17th. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research report on Wednesday, September 4th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Alcoa currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Alcoa Stock Performance

The company’s fifty day moving average is $40.47 and its 200 day moving average is $37.94. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $11.74 billion, a P/E ratio of -25.82, a P/E/G ratio of 0.89 and a beta of 2.42.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.14) EPS. As a group, equities analysts anticipate that Alcoa Co. will post 0.89 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. Stockholders of record on Tuesday, October 29th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Tuesday, October 29th. Alcoa’s payout ratio is -22.73%.

Insider Activity

In related news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the transaction, the executive vice president now directly owns 57,317 shares in the company, valued at $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 is available through this hyperlink.

Institutional Trading of Alcoa

Large investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky raised its position in shares of Alcoa by 37.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 80,831 shares of the industrial products company’s stock valued at $3,118,000 after buying an additional 21,830 shares in the last quarter. Geode Capital Management LLC increased its stake in Alcoa by 42.0% in the third quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock valued at $161,838,000 after acquiring an additional 1,239,479 shares during the last quarter. Impala Asset Management LLC purchased a new stake in Alcoa during the third quarter valued at about $6,366,000. Continuum Advisory LLC lifted 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 purchasing an additional 1,070 shares during the last quarter. Finally, MML Investors Services LLC purchased a new position in shares of Alcoa in the 3rd quarter worth about $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.