Alcoa Co. (NYSE:AA) Short Interest Down 9.3% in July (2024)

Alcoa Co. (NYSE:AA - Get Free Report) was the recipient of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 10,960,000 shares, a decline of 9.3% from the June 30th total of 12,090,000 shares. Based on an average daily volume of 5,320,000 shares, the days-to-cover ratio is currently 2.1 days. Currently, 6.2% of the company's stock are short sold.

Institutional Trading of Alcoa

Hedge funds and other institutional investors have recently modified their holdings of the business. Natixis Advisors LLC purchased a new position in shares of Alcoa during the 2nd quarter valued at $787,000. Picton Mahoney Asset Management bought a new position in Alcoa in the 2nd quarter worth about $6,146,000. Van ECK Associates Corp raised its holdings in shares of Alcoa by 48.7% in the 2nd quarter. Van ECK Associates Corp now owns 189,203 shares of the industrial products company's stock valued at $7,526,000 after acquiring an additional 61,985 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Alcoa by 414.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 313,143 shares of the industrial products company's stock valued at $12,457,000 after acquiring an additional 252,261 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Alcoa in the second quarter worth approximately $163,000.

Alcoa Stock Down 4.7 %

Shares of NYSE AA traded down $1.56 during mid-day trading on Thursday, reaching $31.48. 18,444,635 shares of the company's stock traded hands, compared to its average volume of 6,030,753. The stock has a market cap of $5.65 billion, a P/E ratio of -8.37 and a beta of 2.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. Alcoa has a 1-year low of $23.07 and a 1-year high of $45.48. The business has a 50-day simple moving average of $38.96 and a 200 day simple moving average of $34.70.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. The company had revenue of $2.91 billion for the quarter, compared to analysts' expectations of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.35) EPS. On average, analysts expect that Alcoa will post 0.53 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Monday, August 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Monday, August 12th. Alcoa's dividend payout ratio (DPR) is currently -10.64%.

Analyst Ratings Changes

A number of brokerages have commented on AA. UBS Group increased their price target on shares of Alcoa from $27.00 to $32.00 and gave the company a "sell" rating in a research note on Friday, April 19th. Morgan Stanley reduced their target price on Alcoa from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, July 22nd. Jefferies Financial Group upped their price target on shares of Alcoa from $45.00 to $48.00 and gave the company a "buy" rating in a research note on Thursday, April 18th. BMO Capital Markets lifted their price target on Alcoa from $35.00 to $37.00 and gave the stock a "market perform" rating in a report on Thursday, April 18th. Finally, Bank of America reduced their target price on shares of Alcoa from $46.00 to $43.00 and set a "neutral" rating for the company in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Alcoa has a consensus rating of "Hold" and an average price target of $38.80.

Get Our Latest Stock Analysis on AA

Alcoa Company Profile

(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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