Alcoa Corp (AA) Sees Significant Growth in Short Interest
Alcoa Corp (NYSE:AA) saw a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 10,787,387 shares, an increase of 44.0% from the November 15th total of 7,489,833 shares. Based on an average daily trading volume, of 4,362,985 shares, the days-to-cover ratio is presently 2.5 days. Approximately 5.8% of the company’s stock are short sold.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Alcoa by 14.5% during the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after buying an additional 1,885,745 shares during the last quarter. Elliott Management Corp grew its holdings in shares of Alcoa by 14.7% during the second quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after buying an additional 1,500,000 shares during the last quarter. Balyasny Asset Management LLC grew its holdings in shares of Alcoa by 22.8% during the second quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock valued at $256,262,000 after buying an additional 1,458,488 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Alcoa by 14.1% during the second quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock valued at $253,986,000 after buying an additional 958,494 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. grew its holdings in shares of Alcoa by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after buying an additional 2,816,320 shares during the last quarter.
Alcoa (NYSE:AA) opened at $42.61 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17. Alcoa has a 1-year low of $28.01 and a 1-year high of $50.31. The stock has a market cap of $7,835.72 and a price-to-earnings ratio of 20.07.
Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa had a net margin of 2.61% and a return on equity of 4.90%. Alcoa’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. sell-side analysts anticipate that Alcoa will post 3.2 EPS for the current fiscal year.
Several brokerages recently issued reports on AA. J P Morgan Chase & Co reissued a “buy” rating and set a $60.00 price objective on shares of Alcoa in a report on Thursday, October 19th. Zacks Investment Research lowered shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 12th. Berenberg Bank lowered shares of Alcoa from a “buy” rating to a “hold” rating and lifted their price target for the stock from $41.00 to $44.00 in a report on Friday, September 22nd. Gabelli lowered shares of Alcoa from a “buy” rating to a “hold” rating and lifted their price target for the stock from $57.00 to $60.00 in a report on Wednesday, October 4th. Finally, BMO Capital Markets lifted their price target on shares of Alcoa from $45.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 13th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $51.40.
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Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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