Stock Traders Purchase High Volume of Alcoa Put Options (AA)
Alcoa (NYSE:AA) was the target of unusually large options trading on Monday. Investors purchased 18,535 put options on the stock, AmericanBankingNews.com reports. This represents an increase of approximately 256% compared to the typical daily volume of 5,200 put options.
AA has been the subject of a number of recent research reports. Analysts at Morgan Stanley downgraded shares of Alcoa from an “overweight” rating to an “equal weight” rating in a research note to investors on Monday. They now have a $9.00 price target on the stock, down previously from $10.00. Separately, analysts at RBC Capital reiterated an “underperform” rating on shares of Alcoa in a research note to investors on Friday. They now have a $9.00 price target on the stock. Finally, analysts at Deutsche Bank downgraded shares of Alcoa from a “hold” rating to a “sell” rating in a research note to investors on Wednesday, October 2nd. They now have a $5.50 price target on the stock, down previously from $9.00. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $8.42.
Alcoa (NYSE:AA) traded up 0.13% during mid-day trading on Monday, hitting $7.97. The stock had a trading volume of 36,754,104 shares. Alcoa has a 52-week low of $7.63 and a 52-week high of $9.37. The stock has a 50-day moving average of $8.07 and a 200-day moving average of $8.20. The company has a market cap of $8.524 billion and a price-to-earnings ratio of 66.89.
The company also recently announced a quarterly dividend, which is scheduled for Monday, November 25th. Investors of record on Friday, November 8th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Wednesday, November 6th.
Alcoa Inc (NYSE:AA) is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its participation in technology, mining, refining, smelting, fabricating, and recycling.
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