Short Interest in Alcoa (NYSE:AA) Drops By 18.2%

Alcoa (NYSE:AA) was the target of a significant drop in short interest in the month of January. As of January 30th, there was short interest totaling 5,480,549 shares, a drop of 18.2% from the January 15th total of 6,702,400 shares. Approximately 2.1% of the shares of the stock are sold short. Based on an average trading volume of 8,801,915 shares, the days-to-cover ratio is currently 0.6 days. Based on an average trading volume of 8,801,915 shares, the days-to-cover ratio is currently 0.6 days. Approximately 2.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Basepoint Wealth LLC purchased a new stake in Alcoa during the fourth quarter valued at approximately $25,000. Raleigh Capital Management Inc. boosted its holdings in shares of Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 525 shares during the period. CoreCap Advisors LLC increased its position in shares of Alcoa by 74.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after buying an additional 581 shares during the period. Finally, Quarry LP raised its holdings in Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company’s stock valued at $37,000 after buying an additional 340 shares during the period.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AA. Citigroup increased their target price on Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Weiss Ratings restated a “hold (c)” rating on shares of Alcoa in a research note on Monday, December 29th. Wells Fargo & Company reduced their price objective on shares of Alcoa from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Friday, January 23rd. Argus set a $45.00 target price on shares of Alcoa in a report on Thursday, October 30th. Finally, Zacks Research raised shares of Alcoa from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 25th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Alcoa has a consensus rating of “Hold” and a consensus price target of $48.25.

Alcoa Price Performance

Shares of NYSE AA traded down $0.59 during midday trading on Monday, reaching $59.92. 8,965,360 shares of the stock traded hands, compared to its average volume of 7,827,607. The company’s 50 day moving average is $57.19 and its 200 day moving average is $42.77. Alcoa has a one year low of $21.53 and a one year high of $66.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.45 and a quick ratio of 0.87. The stock has a market capitalization of $15.52 billion, a PE ratio of 13.56 and a beta of 1.91.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. Alcoa had a net margin of 9.12% and a return on equity of 16.18%. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Alcoa’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that Alcoa will post 4.43 earnings per share for the current year.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.