Alcoa (NYSE:AA) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Alcoa Co. (NYSE:AA - Get Free Report) saw unusually-high trading volume on Thursday after B. Riley raised their price target on the stock from $25.00 to $31.00. B. Riley currently has a neutral rating on the stock. Approximately 2,384,408 shares changed hands during mid-day trading, a decline of 62% from the previous session's volume of 6,303,964 shares.The stock last traded at $33.98 and had previously closed at $35.55.

A number of other research analysts also recently issued reports on the stock. StockNews.com upgraded shares of Alcoa from a "sell" rating to a "hold" rating in a research report on Tuesday, April 9th. UBS Group initiated coverage on shares of Alcoa in a research report on Tuesday, January 16th. They set a "sell" rating and a $29.00 target price on the stock. Morgan Stanley boosted their target price on shares of Alcoa from $27.00 to $29.50 and gave the company an "underweight" rating in a research report on Thursday, January 18th. Bank of America increased their target price on shares of Alcoa from $31.00 to $32.00 and gave the company a "neutral" rating in a report on Monday, March 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alcoa from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Thursday, January 18th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $32.71.

Insider Transactions at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total value of $814,685.04. Following the completion of the transaction, the executive vice president now owns 41,166 shares of the company's stock, valued at approximately $1,267,089.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Alcoa

A number of hedge funds have recently bought and sold shares of the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Alcoa by 4,737.1% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company's stock valued at $208,174,000 after purchasing an additional 4,483,625 shares during the period. Renaissance Technologies LLC bought a new position in shares of Alcoa in the 1st quarter worth approximately $318,670,000. Norges Bank bought a new position in shares of Alcoa in the 4th quarter worth approximately $128,592,000. Voloridge Investment Management LLC increased its holdings in Alcoa by 178.0% in the 4th quarter. Voloridge Investment Management LLC now owns 2,410,104 shares of the industrial products company's stock worth $81,944,000 after acquiring an additional 1,543,244 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Alcoa in the 3rd quarter worth approximately $39,557,000.

Alcoa Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.74 and a current ratio of 1.45. The business's fifty day simple moving average is $30.81 and its 200-day simple moving average is $28.97. The firm has a market capitalization of $6.37 billion, a PE ratio of -9.72, a price-to-earnings-growth ratio of 2.32 and a beta of 2.47.

Alcoa (NYSE:AA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.19). The company had revenue of $2.60 billion for the quarter, compared to analysts' expectations of $2.55 billion. Alcoa had a negative net margin of 6.17% and a negative return on equity of 6.56%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business earned ($0.23) earnings per share. As a group, equities research analysts expect that Alcoa Co. will post 0.33 EPS for the current year.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.13%. Alcoa's dividend payout ratio is currently -10.96%.

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.