Traders purchased shares of Alcoa Inc. (NYSE:AA) on weakness during trading on Thursday after Zacks Investment Research downgraded the stock from a buy rating to a hold rating. $133.15 million flowed into the stock on the tick-up and $85.80 million flowed out of the stock on the tick-down, for a money net flow of $47.35 million into the stock. Of all stocks tracked, Alcoa had the 6th highest net in-flow for the day. Alcoa traded down ($0.80) for the day and closed at $27.11
A number of other research firms also recently weighed in on AA. Credit Suisse Group AG set a $39.00 target price on Alcoa and gave the stock a “buy” rating in a research report on Saturday, October 8th. JPMorgan Chase & Co. restated a “hold” rating on shares of Alcoa in a research report on Tuesday, July 12th. BMO Capital Markets restated a “hold” rating and set a $9.00 target price on shares of Alcoa in a research report on Tuesday, July 12th. Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of Alcoa in a research report on Wednesday, June 15th. Finally, Macquarie restated a “buy” rating on shares of Alcoa in a research report on Tuesday, July 12th. Eleven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $17.74.
In related news, Director Ulrich Schmidt bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The shares were acquired at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Hedge funds have recently added to or reduced their stakes in the company. Parametrica Management Ltd bought a new stake in Alcoa during the third quarter valued at about $158,000. MSI Financial Services Inc raised its stake in Alcoa by 44.2% in the third quarter. MSI Financial Services Inc now owns 121,194 shares of the company’s stock valued at $1,229,000 after buying an additional 37,122 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its stake in Alcoa by 0.3% in the third quarter. Canandaigua National Bank & Trust Co. now owns 26,223 shares of the company’s stock valued at $266,000 after buying an additional 79 shares during the last quarter. Patten & Patten Inc. TN raised its stake in Alcoa by 46.1% in the third quarter. Patten & Patten Inc. TN now owns 187,177 shares of the company’s stock valued at $1,898,000 after buying an additional 59,050 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Alcoa by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 174,582 shares of the company’s stock valued at $1,770,000 after buying an additional 1,618 shares during the last quarter.
The company’s market cap is $11.59 billion. The stock has a 50 day moving average of $29.51 and a 200-day moving average of $29.79.
Alcoa (NYSE:AA) last announced its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.21. The business earned $5.21 billion during the quarter. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 earnings per share. Equities research analysts expect that Alcoa Inc. will post $0.44 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio (DPR) is presently -63.15%.
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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