Short Interest in Alcoa Drops By 11.6% (AA)
Shares of Alcoa (NYSE:AA) were the recipient of a large decrease in short interest in the month of May. As of May 30th, there was short interest totalling 67,172,239 shares, a decrease of 11.6% from the May 15th total of 76,002,433 shares, Analyst Ratings Net reports. Based on an average daily volume of 13,161,801 shares, the short-interest ratio is currently 5.1 days. Approximately 5.7% of the shares of the company are short sold.
A number of analysts have recently weighed in on AA shares. Analysts at BMO Capital Markets upgraded shares of Alcoa from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 12th. They now have a $14.00 price target on the stock, up previously from $10.00. Separately, 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. Finally, 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. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.90.
Alcoa (NYSE:AA) opened at 14.77 on Tuesday. Alcoa has a 52 week low of $7.63 and a 52 week high of $14.79. The stock has a 50-day moving average of $13.81 and a 200-day moving average of $12.18. The company’s market cap is $17.315 billion.
Alcoa (NYSE:AA) last issued its quarterly earnings data on Tuesday, April 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter 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.