Alcoa Co. (NYSE:AA) Sees Large Growth in Short Interest

Alcoa Co. (NYSE:AAGet Free Report) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 13,180,000 shares, an increase of 11.3% from the February 29th total of 11,840,000 shares. Based on an average daily trading volume, of 6,110,000 shares, the short-interest ratio is currently 2.2 days. Approximately 7.4% of the company’s stock are sold short.

Insider Activity at Alcoa

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

Institutional Trading of Alcoa

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fairfield Bush & CO. bought a new stake in Alcoa during the 1st quarter valued at approximately $29,000. Neo Ivy Capital Management purchased a new position in shares of Alcoa in the second quarter valued at $27,000. Resurgent Financial Advisors LLC purchased a new stake in Alcoa during the fourth quarter valued at $32,000. ICA Group Wealth Management LLC bought a new stake in shares of Alcoa in the 4th quarter worth about $36,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in shares of Alcoa during the 4th quarter valued at about $31,000.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AA shares. JPMorgan Chase & Co. upped their price target on Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. StockNews.com cut shares of Alcoa from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. UBS Group began coverage on shares of Alcoa in a research note on Tuesday, January 16th. They issued a “sell” rating and a $29.00 price target for the company. HSBC assumed coverage on shares of Alcoa in a research report on Thursday, December 7th. They set a “hold” rating and a $29.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Monday, March 18th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Alcoa has an average rating of “Hold” and an average price target of $30.88.

Check Out Our Latest Report on Alcoa

Alcoa Price Performance

NYSE AA opened at $35.64 on Wednesday. The business’s fifty day moving average is $29.29 and its 200 day moving average is $28.33. Alcoa has a fifty-two week low of $23.07 and a fifty-two week high of $42.95. 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 company has a market capitalization of $6.40 billion, a PE ratio of -9.76, a price-to-earnings-growth ratio of 2.70 and a beta of 2.47.

Alcoa (NYSE:AAGet Free Report) last posted its quarterly earnings data on Wednesday, January 17th. The industrial products company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.29. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Alcoa had a negative return on equity of 6.56% and a negative net margin of 6.17%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.70) EPS. Sell-side analysts predict that Alcoa will post 0.29 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were given a $0.10 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.12%. Alcoa’s payout ratio is currently -10.96%.

About Alcoa

(Get Free Report)

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.

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