Alcoa (NYSE:AA) Reaches New 1-Year High – Here’s What Happened

Alcoa (NYSE:AA)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $68.40 and last traded at $61.79, with a volume of 3570820 shares trading hands. The stock had previously closed at $63.84.

Analyst Ratings Changes

A number of analysts have recently commented on AA shares. Citigroup boosted their price objective on shares of Alcoa from $42.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Wells Fargo & Company lowered their target price on shares of Alcoa from $71.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Zacks Research downgraded Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $50.00 price target (up from $45.00) on shares of Alcoa in a research note on Thursday, January 8th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 price target on shares of Alcoa in a report on Monday, December 15th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $48.25.

Alcoa Stock Performance

The company has a fifty day moving average of $60.19 and a two-hundred day moving average of $45.20. The firm has a market capitalization of $16.77 billion, a price-to-earnings ratio of 14.38 and a beta of 1.85. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.87 and a current ratio of 1.44.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.31. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter last year, the business earned $1.04 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 10th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.6%. Alcoa’s payout ratio is currently 9.05%.

Institutional Investors Weigh In On Alcoa

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Basepoint Wealth LLC acquired a new stake in Alcoa during the fourth quarter worth approximately $25,000. Raleigh Capital Management Inc. grew its holdings in shares of Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 525 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 237 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares in the last quarter. Finally, Quarry LP raised its stake in Alcoa by 96.0% during the fourth quarter. Quarry LP now owns 694 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 340 shares in the last quarter.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.