Alcoa (NYSE:AA) Shares Gap Down – Here’s What Happened

Alcoa Co. (NYSE:AA)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $38.78, but opened at $37.60. Alcoa shares last traded at $36.64, with a volume of 2,427,577 shares changing hands.

Analyst Ratings Changes

AA has been the topic of a number of recent research reports. Argus raised Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 23rd. B. Riley upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and raised their price target for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price objective on Alcoa from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. UBS Group lifted their target price on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley raised their price objective on Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.36.

Alcoa Trading Down 3.6 %

The company’s 50 day simple moving average is $40.54 and its 200 day simple moving average is $37.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The firm has a market cap of $9.66 billion, a price-to-earnings ratio of -21.25, a P/E/G ratio of 0.16 and a beta of 2.47.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.13. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. As a group, research analysts expect that Alcoa Co. will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Retirement Systems of Alabama grew its stake in Alcoa by 41.6% during the 3rd quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company’s stock worth $12,107,000 after buying an additional 92,201 shares during the last quarter. ING Groep NV purchased a new position in shares of Alcoa during the third quarter worth about $10,201,000. Douglas Lane & Associates LLC increased its position in Alcoa by 2.0% in the 3rd quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock valued at $54,859,000 after acquiring an additional 27,217 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Alcoa by 6.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,116 shares of the industrial products company’s stock valued at $24,233,000 after acquiring an additional 36,869 shares during the last quarter. Finally, Aigen Investment Management LP lifted its position in Alcoa by 73.0% during the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock worth $1,422,000 after acquiring an additional 15,546 shares during the period.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.