Short Interest in Alcoa Corp (AA) Declines By 50.4%

Alcoa Corp (NYSE:AA) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 7,094,223 shares, a decline of 50.4% from the January 12th total of 14,308,061 shares. Based on an average daily trading volume, of 5,689,869 shares, the short-interest ratio is currently 1.2 days. Currently, 3.8% of the company’s stock are short sold.

Several brokerages have weighed in on AA. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $60.00 target price on shares of Alcoa in a research report on Thursday, October 19th. Berenberg Bank set a $44.00 target price on Alcoa and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Cowen reaffirmed a “market perform” rating and issued a $59.00 target price (up from $51.00) on shares of Alcoa in a research report on Thursday, January 18th. ValuEngine raised Alcoa from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Bank of America reaffirmed a “buy” rating and issued a $63.00 target price (down from $67.00) on shares of Alcoa in a research report on Thursday, January 18th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $57.72.

In other Alcoa news, VP William F. Oplinger sold 229,475 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $52.86, for a total value of $12,130,048.50. Following the transaction, the vice president now directly owns 108,915 shares of the company’s stock, valued at approximately $5,757,246.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Tomas Mar Sigurdsson sold 10,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $51.37, for a total value of $513,700.00. Following the completion of the transaction, the chief operating officer now directly owns 46,832 shares in the company, valued at $2,405,759.84. The disclosure for this sale can be found here.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. bought a new stake in shares of Alcoa during the 4th quarter worth about $103,000. Huntington National Bank bought a new stake in shares of Alcoa during the 3rd quarter worth about $112,000. Cerebellum GP LLC bought a new stake in shares of Alcoa during the 4th quarter worth about $127,000. Barrett Asset Management LLC bought a new stake in shares of Alcoa during the 4th quarter worth about $129,000. Finally, Fruth Investment Management bought a new stake in shares of Alcoa during the 4th quarter worth about $200,000.

Shares of Alcoa (AA) opened at $46.65 on Tuesday. The stock has a market capitalization of $8,630.00 and a PE ratio of 40.22. Alcoa has a 52 week low of $29.55 and a 52 week high of $57.50. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.90 and a current ratio of 1.38.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, January 17th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.19). The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.29 billion. Alcoa had a return on equity of 6.90% and a net margin of 1.86%. The business’s revenue was up 25.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS. research analysts expect that Alcoa will post 3.69 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: This article was first reported by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The correct version of this article can be read at https://www.americanbankingnews.com/2018/02/13/short-interest-in-alcoa-corp-aa-declines-by-50-4.html.

About Alcoa

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

Receive News & Ratings for Alcoa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply