Alcoa Corp. (AA) Shares Gap Down to $49.15

Alcoa Corp. (NYSE:AA) shares gapped down before the market opened on Friday . The stock had previously closed at $50.51, but opened at $49.15. Alcoa Corp. shares last traded at $47.91, with a volume of 3,870,215 shares.

A number of research analysts recently weighed in on the company. Citigroup Inc. reaffirmed a “buy” rating and set a $55.00 price objective (up previously from $53.00) on shares of Alcoa Corp. in a report on Friday, October 20th. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $60.00 price objective on shares of Alcoa Corp. in a report on Thursday, October 19th. Berenberg Bank set a $44.00 price objective on Alcoa Corp. and gave the stock a “hold” rating in a report on Wednesday, October 18th. Cowen and Company set a $51.00 price objective on Alcoa Corp. and gave the stock a “hold” rating in a report on Wednesday, October 11th. Finally, Macquarie reaffirmed a “buy” rating and set a $62.00 price objective (up previously from $55.00) on shares of Alcoa Corp. in a report on Tuesday, October 10th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Alcoa Corp. presently has an average rating of “Buy” and an average target price of $49.88.

The stock’s 50 day moving average is $46.73 and its 200 day moving average is $46.73. The company has a market cap of $8.83 billion and a price-to-earnings ratio of 54.51.

Alcoa Corp. (NYSE:AA) last issued its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). The company had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.95 billion. Alcoa Corp. had a return on equity of 4.91% and a net margin of 2.61%. The business’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. Analysts anticipate that Alcoa Corp. will post $3.22 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank acquired a new position in shares of Alcoa Corp. in the 3rd quarter worth $112,000. NEXT Financial Group Inc grew its holdings in shares of Alcoa Corp. by 2.4% in the 2nd quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock worth $146,000 after acquiring an additional 104 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Alcoa Corp. by 8.4% in the 2nd quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 348 shares during the last quarter. Global X Management Co. LLC grew its holdings in shares of Alcoa Corp. by 220.6% in the 2nd quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock worth $189,000 after acquiring an additional 3,993 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Alcoa Corp. by 3.8% in the 2nd quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock worth $189,000 after acquiring an additional 213 shares during the last quarter.

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Alcoa Corp. Company Profile

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.

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