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

Alcoa Co. (NYSE:AAGet Rating)’s share price gapped down before the market opened on Thursday after Morgan Stanley lowered their price target on the stock from $56.00 to $52.00. The stock had previously closed at $53.45, but opened at $50.38. Morgan Stanley currently has an equal weight rating on the stock. Alcoa shares last traded at $52.19, with a volume of 116,953 shares.

Other equities analysts have also issued research reports about the company. TheStreet lowered Alcoa from a “b-” rating to a “c-” rating in a research note on Wednesday, October 19th. Wolfe Research lowered Alcoa from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 22nd. BMO Capital Markets cut their price objective on Alcoa from $55.00 to $50.00 and set a “market perform” rating on the stock in a report on Thursday. StockNews.com started coverage on Alcoa in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Citigroup raised their price objective on Alcoa from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AA. Fairfield Bush & CO. bought a new stake in Alcoa in the 1st quarter valued at about $29,000. US Bancorp DE increased its position in Alcoa by 4.9% in the 1st quarter. US Bancorp DE now owns 9,359 shares of the industrial products company’s stock valued at $842,000 after buying an additional 434 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Alcoa in the 1st quarter valued at about $435,000. Great West Life Assurance Co. Can increased its position in Alcoa by 8.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 108,717 shares of the industrial products company’s stock valued at $10,089,000 after buying an additional 8,028 shares in the last quarter. Finally, Blair William & Co. IL bought a new stake in Alcoa in the 1st quarter valued at about $242,000.

Alcoa Price Performance

The firm has a market capitalization of $9.02 billion, a P/E ratio of -60.71, a price-to-earnings-growth ratio of 1.65 and a beta of 2.41. The business has a 50-day moving average of $47.61 and a 200 day moving average of $45.69. The company has a current ratio of 1.81, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25.

Alcoa (NYSE:AAGet Rating) last issued its quarterly earnings data on Wednesday, January 18th. The industrial products company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.05. The firm had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.70 billion. Alcoa had a positive return on equity of 22.27% and a negative net margin of 0.91%. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.50 EPS. On average, sell-side analysts predict that Alcoa Co. will post 4.62 earnings per share for the current fiscal year.

About Alcoa

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.

Further Reading

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