Alcoa (NYSE:AA) Shares Gap Down on Analyst Downgrade

Alcoa Co. (NYSE:AA - Get Free Report)'s stock price gapped down before the market opened on Thursday after UBS Group lowered their price target on the stock from $53.00 to $47.00. The stock had previously closed at $33.34, but opened at $32.33. UBS Group currently has a buy rating on the stock. Alcoa shares last traded at $32.57, with a volume of 859,648 shares.

Several other research firms also recently issued reports on AA. Morgan Stanley cut their price objective on Alcoa from $55.00 to $51.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. HC Wainwright upped their price target on shares of Alcoa to $90.00 and gave the company a "buy" rating in a research report on Tuesday, March 11th. BMO Capital Markets lifted their price objective on shares of Alcoa to $43.00 and gave the stock a "hold" rating in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their target price on Alcoa from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. Finally, B. Riley upgraded Alcoa to a "strong-buy" rating in a report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Alcoa has a consensus rating of "Moderate Buy" and a consensus target price of $49.92.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cerity Partners LLC increased its position in Alcoa by 64.9% during the third quarter. Cerity Partners LLC now owns 26,206 shares of the industrial products company's stock worth $1,011,000 after buying an additional 10,314 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Alcoa by 18.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 306,162 shares of the industrial products company's stock valued at $11,812,000 after acquiring an additional 46,897 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Alcoa by 14.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 89,791 shares of the industrial products company's stock valued at $3,464,000 after acquiring an additional 11,484 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Alcoa in the 3rd quarter valued at approximately $2,546,000. Finally, CreativeOne Wealth LLC boosted its position in Alcoa by 4.1% during the third quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company's stock worth $352,000 after purchasing an additional 360 shares during the period. Institutional investors and hedge funds own 82.39% of the company's stock.

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Alcoa Stock Performance

The company has a market cap of $7.80 billion, a price-to-earnings ratio of -188.25, a P/E/G ratio of 0.19 and a beta of 2.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.45 and a quick ratio of 0.86. The firm has a fifty day simple moving average of $34.75 and a 200 day simple moving average of $38.19.

Alcoa (NYSE:AA - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. On average, sell-side analysts expect that Alcoa Co. will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Tuesday, March 4th. Alcoa's dividend payout ratio (DPR) is currently -250.00%.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.