An issue of Alcoa Corp (NYSE:AA) debt rose 1.3% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 5.9% coupon and will mature on February 1, 2027. The bonds in the issue are now trading at $106.70. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
AA has been the topic of a number of research reports. Vetr upgraded Alcoa Corp from a “strong sell” rating to a “sell” rating and set a $33.09 price objective on the stock in a research note on Tuesday, January 24th. Goldman Sachs Group Inc upgraded Alcoa Corp from a “neutral” rating to a “buy” rating in a research note on Monday, March 6th. BMO Capital Markets reiterated a “hold” rating and set a $35.00 price target on shares of Alcoa Corp in a research report on Wednesday, March 22nd. Morgan Stanley upped their price target on Alcoa Corp from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, March 14th. Finally, Berenberg Bank upgraded Alcoa Corp from a “hold” rating to a “buy” rating and upped their price target for the company from $27.00 to $40.00 in a research report on Friday, March 24th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $36.12.
Shares of Alcoa Corp (NYSE:AA) traded down 0.5621% during mid-day trading on Friday, reaching $31.8599. The company’s stock had a trading volume of 4,060,054 shares. The stock’s market capitalization is $5.87 billion. The company’s 50-day moving average price is $33.89 and its 200-day moving average price is $31.21. Alcoa Corp has a 12-month low of $20.00 and a 12-month high of $39.78.
Alcoa Corp (NYSE:AA) last released its earnings results on Tuesday, January 24th. The industrial products company reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.08. The company earned $2.54 billion during the quarter, compared to analysts’ expectations of $2.50 billion. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Alcoa Corp will post $2.63 earnings per share for the current fiscal year.
In related news, EVP Jeffrey D. Heeter sold 3,748 shares of the business’s stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $37.52, for a total value of $140,624.96. Following the transaction, the executive vice president now owns 33,503 shares in the company, valued at approximately $1,257,032.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arconic Inc. sold 23,353,000 shares of the business’s stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $38.03, for a total value of $888,114,590.00. Following the completion of the transaction, the insider now owns 12,958,767 shares in the company, valued at approximately $492,821,909.01. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the stock. Piedmont Investment Advisors LLC bought a new position in shares of Alcoa Corp during the third quarter valued at about $23,707,000. Pioneer Investment Management Inc. boosted its position in shares of Alcoa Corp by 102.9% in the third quarter. Pioneer Investment Management Inc. now owns 1,680,543 shares of the industrial products company’s stock valued at $17,041,000 after buying an additional 852,224 shares during the period. Chartwell Investment Partners LLC boosted its position in shares of Alcoa Corp by 21.3% in the third quarter. Chartwell Investment Partners LLC now owns 603,625 shares of the industrial products company’s stock valued at $6,121,000 after buying an additional 105,869 shares during the period. National Asset Management Inc. boosted its position in shares of Alcoa Corp by 29.2% in the third quarter. National Asset Management Inc. now owns 50,757 shares of the industrial products company’s stock valued at $516,000 after buying an additional 11,473 shares during the period. Finally, Virtus Investment Advisers Inc. acquired a new stake in shares of Alcoa Corp during the third quarter worth $14,727,000.
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Alcoa Corp Company Profile
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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