Alcoa Corp (NYSE:AA) shares gapped down before the market opened on Friday . The stock had previously closed at $47.19, but opened at $46.25. Alcoa Corp shares last traded at $45.38, with a volume of 3,224,564 shares changing hands.

Several research firms have commented on AA. Berenberg Bank downgraded shares of Alcoa Corp from a “buy” rating to a “hold” rating and increased their price objective for the company from $41.00 to $44.00 in a report on Friday. Morgan Stanley reissued an “overweight” rating and set a $47.00 price objective on shares of Alcoa Corp in a report on Wednesday. BMO Capital Markets increased their price objective on shares of Alcoa Corp from $45.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 13th. Zacks Investment Research raised shares of Alcoa Corp from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Thursday, September 14th. Finally, Macquarie began coverage on shares of Alcoa Corp in a report on Thursday, September 7th. They set an “outperform” rating for the company. Four equities research analysts have rated the stock with a hold rating, fifteen 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 a consensus target price of $43.69.

The firm has a 50 day moving average price of $44.87 and a 200-day moving average price of $44.87. The stock has a market cap of $8.37 billion and a P/E ratio of 51.63.

Alcoa Corp (NYSE:AA) last posted its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.88 billion. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. Alcoa Corp’s revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS. On average, equities research analysts predict that Alcoa Corp will post $2.93 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Alcoa Corp by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after purchasing an additional 1,885,745 shares during the last quarter. Elliott Management Corp boosted its holdings in Alcoa Corp by 14.7% in the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after purchasing an additional 1,500,000 shares during the last quarter. Balyasny Asset Management LLC boosted its holdings in Alcoa Corp by 22.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock valued at $256,262,000 after purchasing an additional 1,458,488 shares during the last quarter. BlackRock Inc. boosted its holdings in Alcoa Corp by 14.1% in the 2nd quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock valued at $253,986,000 after purchasing an additional 958,494 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. boosted its holdings in Alcoa Corp by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after purchasing an additional 2,816,320 shares during the last quarter.

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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.

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