Alcoa Inc. (AA) Shares Up 2.5%
Alcoa Inc. (NYSE:AA)’s share price shot up 2.5% during trading on Thursday . The stock traded as high as $9.45 and last traded at $9.42, with a volume of 12,800,609 shares changing hands. The stock had previously closed at $9.19.
Several research firms recently commented on AA. Bank of America Corp. reaffirmed a “buy” rating on shares of Alcoa in a report on Thursday, June 30th. Credit Suisse Group AG reissued a “buy” rating on shares of Alcoa in a research report on Thursday, June 30th. Berenberg Bank reissued a “hold” rating and set a $9.00 price target on shares of Alcoa in a research report on Thursday, June 30th. Morgan Stanley reissued an “overweight” rating and set a $12.00 price target (up previously from $11.00) on shares of Alcoa in a research report on Thursday, June 30th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $15.00 price target on shares of Alcoa in a research report on Wednesday, June 15th. Nine research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $11.31.
The stock’s market capitalization is $12.91 billion. The firm’s 50 day moving average price is $9.48 and its 200-day moving average price is $9.17.
Alcoa (NYSE:AA) last issued its earnings results on Monday, April 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. During the same period in the prior year, the company earned $0.28 earnings per share. The company had revenue of $4.95 billion for the quarter. The company’s revenue for the quarter was down 15.0% on a year-over-year basis. Equities research analysts predict that Alcoa Inc. will post $0.35 earnings per share for the current year.
In related news, Director Ulrich Schmidt bought 5,000 shares of the stock in a transaction dated Tuesday, April 26th. The stock was purchased at an average cost of $10.25 per share, with a total value of $51,250.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at $51,250. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Olivier M. Jarrault sold 12,810 shares of the business’s stock in a transaction on Monday, April 25th. The shares were sold at an average price of $10.23, for a total transaction of $131,046.30. Following the sale, the executive vice president now directly owns 352,889 shares of the company’s stock, valued at $3,610,054.47. The disclosure for this sale can be found here.
Several hedge funds recently modified their holdings of the stock. ING Groep bought a new stake in shares of Alcoa during the third quarter worth about $1,002,000. Jennison Associates LLC raised its stake in shares of Alcoa by 215.2% in the fourth quarter. Jennison Associates LLC now owns 115,054 shares of the company’s stock worth $1,136,000 after buying an additional 78,549 shares in the last quarter. Brave Asset Management Inc raised its stake in shares of Alcoa by 1.7% in the fourth quarter. Brave Asset Management Inc now owns 116,407 shares of the company’s stock worth $1,149,000 after buying an additional 2,000 shares in the last quarter. Wellington Shields Capital Management LLC raised its stake in shares of Alcoa by 32.3% in the fourth quarter. Wellington Shields Capital Management LLC now owns 116,510 shares of the company’s stock worth $1,150,000 after buying an additional 28,450 shares in the last quarter. Finally, Advantus Capital Management Inc raised its stake in shares of Alcoa by 2.0% in the fourth quarter. Advantus Capital Management Inc now owns 125,276 shares of the company’s stock worth $1,236,000 after buying an additional 2,445 shares in the last quarter.
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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