Alcoa Corp. (AA) Hits New 1-Year High at $40.90
Shares of Alcoa Corp. (NYSE:AA) hit a new 52-week high on Wednesday . The stock traded as high as $40.90 and last traded at $40.99, with a volume of 3,090,518 shares traded. The stock had previously closed at $39.77.
A number of equities analysts have issued reports on AA shares. Deutsche Bank AG reissued a “hold” rating and issued a $44.00 price target (up previously from $37.00) on shares of Alcoa Corp. in a research note on Sunday, June 25th. Morgan Stanley reissued an “overweight” rating on shares of Alcoa Corp. in a research note on Friday, July 21st. Citigroup Inc. reissued a “buy” rating and issued a $45.00 price target on shares of Alcoa Corp. in a research note on Friday, May 19th. Clarkson Capital started coverage on Alcoa Corp. in a research note on Monday, May 22nd. They issued a “buy” rating and a $43.00 price target for the company. Finally, Credit Suisse Group started coverage on Alcoa Corp. in a research note on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 price target for the company. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Alcoa Corp. has an average rating of “Buy” and a consensus price target of $39.00.
The company has a 50 day moving average price of $36.61 and a 200 day moving average price of $34.40. The firm has a market cap of $7.60 billion and a price-to-earnings ratio of 46.93. Alcoa Corp. also saw some unusual options trading on Tuesday. Stock investors acquired 22,448 call options on the stock. This is an increase of approximately 450% compared to the average daily volume of 4,083 call options.
Alcoa Corp. (NYSE:AA) last released its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter last year, the firm posted $0.15 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. Equities research analysts anticipate that Alcoa Corp. will post $2.86 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of AA. 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 bought a new position in Alcoa Corp. during the first quarter worth $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 bought a new position in Alcoa Corp. during the first quarter worth $3,904,000.
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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.