Alcoa Corp. Target of Unusually Large Options Trading (AA)
Alcoa Corp. (NYSE:AA) was the recipient of unusually large options trading activity on Tuesday. Investors bought 20,670 call options on the stock. This represents an increase of approximately 456% compared to the average volume of 3,715 call options.
Several research analysts recently commented on AA shares. Cowen and Company lifted their target price on shares of Alcoa Corp. from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. Citigroup Inc reiterated a “buy” rating and issued a $45.00 target price on shares of Alcoa Corp. in a report on Friday, May 19th. Clarkson Capital initiated coverage on shares of Alcoa Corp. in a report on Monday, May 22nd. They issued a “buy” rating and a $43.00 target price on the stock. BMO Capital Markets restated a “buy” rating and set a $45.00 price objective on shares of Alcoa Corp. in a report on Friday, June 2nd. Finally, ING Group upgraded shares of Alcoa Corp. to a “buy” rating in a report on Friday, June 23rd. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $39.00.
Institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC raised its position in Alcoa Corp. by 66.0% in the first quarter. Parametric Portfolio Associates LLC now owns 369,025 shares of the industrial products company’s stock worth $12,694,000 after buying an additional 146,778 shares in the last quarter. State of Tennessee Treasury Department acquired a new position in Alcoa Corp. during the first quarter worth approximately $2,020,000. CIBC World Markets Inc. raised its position in Alcoa Corp. by 0.3% in the first quarter. CIBC World Markets Inc. now owns 235,444 shares of the industrial products company’s stock worth $8,099,000 after buying an additional 814 shares in the last quarter. Thompson Davis & CO. Inc. raised its position in Alcoa Corp. by 3,375.0% in the first quarter. Thompson Davis & CO. Inc. now owns 22,414 shares of the industrial products company’s stock worth $771,000 after buying an additional 21,769 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in Alcoa Corp. during the first quarter worth approximately $3,904,000.
Shares of Alcoa Corp. (AA) opened at 37.78 on Friday. Alcoa Corp. has a 1-year low of $20.53 and a 1-year high of $40.36. The company has a 50-day moving average of $35.38 and a 200-day moving average of $34.37. The company has a market cap of $6.96 billion and a PE ratio of 42.98.
Alcoa Corp. (NYSE:AA) last released its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the firm earned $0.15 earnings per share. Alcoa Corp.’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities analysts forecast that Alcoa Corp. will post $2.80 EPS for the current year.
About Alcoa Corp.
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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