Alcoa Inc. (AA) Sees Strong Trading Volume After Earnings Beat
Alcoa Inc. (NYSE:AA) shares saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report. Approximately 12,185,891 shares changed hands during trading, an increase of 38% from the previous session’s volume of 8,855,381 shares.The stock last traded at $27.06 and had previously closed at $27.91.
The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.21. Alcoa had a negative net margin of 1.45% and a positive return on equity of 3.44%. The firm had revenue of $5.21 billion for the quarter. During the same period last year, the business posted $0.07 earnings per share. The firm’s quarterly revenue was down 6.5% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be issued a $0.03 dividend. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. Alcoa’s dividend payout ratio is currently -42.85%.
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AA has been the subject of several analyst reports. Bank of America Corp. reiterated a “buy” rating and issued a $11.00 target price on shares of Alcoa in a report on Tuesday, July 12th. Credit Suisse Group AG restated a “buy” rating on shares of Alcoa in a report on Thursday, June 30th. Rosenblatt Securities restated a “buy” rating and set a $15.00 price objective on shares of Alcoa in a report on Wednesday, June 15th. Macquarie restated a “buy” rating on shares of Alcoa in a report on Tuesday, July 12th. Finally, Morgan Stanley restated a “buy” rating and set a $12.00 price objective on shares of Alcoa in a report on Tuesday, August 16th. Nine equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $16.15.
In other Alcoa news, Director Ulrich Schmidt purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The shares were purchased at an average cost of $10.40 per share, with a total value of $52,000.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several hedge funds and other institutional investors have recently bought and sold shares of AA. Rafferty Asset Management LLC acquired a new position in Alcoa during the first quarter valued at approximately $1,411,000. Cupps Capital Management LLC acquired a new position in Alcoa during the first quarter valued at approximately $109,000. Canada Pension Plan Investment Board increased its position in Alcoa by 17.1% in the first quarter. Canada Pension Plan Investment Board now owns 15,099 shares of the company’s stock valued at $145,000 after buying an additional 2,200 shares during the period. Smith Moore & CO. increased its position in Alcoa by 2.4% in the first quarter. Smith Moore & CO. now owns 21,661 shares of the company’s stock valued at $208,000 after buying an additional 500 shares during the period. Finally, Aviva PLC increased its position in Alcoa by 0.9% in the first quarter. Aviva PLC now owns 662,675 shares of the company’s stock valued at $6,348,000 after buying an additional 5,886 shares during the period.
The firm’s market cap is $11.88 billion. The company has a 50-day moving average of $29.84 and a 200-day moving average of $29.85.
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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