Investors Buy Large Volume of Alcoa Put Options (AA)
Shares of Alcoa (NYSE:AA) were the recipient of some unusual options trading activity on Monday. Stock investors bought 7,354 put options on the company, Analyst Ratings Network reports. This is an increase of 163% compared to the typical daily volume of 2,801 put options.
A number of research firms have recently commented on AA. Analysts at Bank of America upgraded shares of Alcoa from an “underperform” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $14.00 price target on the stock, up previously from $9.50. They noted that the move was a valuation call. Separately, analysts at Northcoast Research initiated coverage on shares of Alcoa in a research note on Friday, May 9th. They set a “buy” rating and a $17.00 price target on the stock. Finally, analysts at RBC Capital upgraded shares of Alcoa from an “underperform” rating to a “sector perform” rating in a research note on Thursday, April 17th. They now have a $15.00 price target on the stock, up previously from $12.00. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. Alcoa presently has a consensus rating of “Hold” and a consensus target price of $13.43.
Shares of Alcoa (NYSE:AA) remained flat at $14.35 during during mid-day trading trading on Monday. The stock had a trading volume of 11,402,980 shares. Alcoa has a 52 week low of $7.63 and a 52 week high of $14.35. The stock’s 50-day moving average is $13.52 and its 200-day moving average is $11.75. The company’s market cap is $16.822 billion.
Alcoa (NYSE:AA) last announced its earnings results on Tuesday, April 8th. The company reported $0.09 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.05 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the company posted $0.11 earnings per share. The company’s quarterly revenue was down 6.5% on a year-over-year basis. Analysts expect that Alcoa will post $0.46 EPS for the current fiscal year.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
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