Shares of Alcoa Inc. (NYSE:AA) saw strong trading volume on Wednesday following a stronger than expected earnings report. 12,185,891 shares were traded during mid-day trading, an increase of 38% from the previous session’s volume of 8,855,381 shares.The stock last traded at $27.06 and had previously closed at $27.91.
The company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.21. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The company earned $5.21 billion during the quarter. During the same quarter last year, the business earned $0.07 earnings per share. Alcoa’s revenue was down 6.5% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%. Alcoa’s dividend payout ratio (DPR) is -42.85%.
A number of equities analysts have recently issued reports on the company. Argus restated a “hold” rating on shares of Alcoa in a research report on Friday, July 15th. Morgan Stanley restated a “buy” rating and set a $12.00 price objective on shares of Alcoa in a research report on Tuesday, August 16th. Bank of America Corp. downgraded Alcoa from a “buy” rating to a “neutral” rating in a research report on Tuesday. Seaport Global Securities assumed coverage on Alcoa in a research report on Friday, September 9th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, RBC Capital Markets restated a “sector perform” rating and set a $31.00 price objective (down from $33.00) on shares of Alcoa in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $16.83.
In related news, Director Ulrich Schmidt bought 5,000 shares of the company’s stock in a transaction dated Wednesday, July 20th. The shares were bought at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $104,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.
A number of hedge funds have recently modified their holdings of the company. Citizens Financial Group Inc RI raised its stake in shares of Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock worth $109,000 after buying an additional 1,401 shares during the period. Cupps Capital Management LLC acquired a new stake in shares of Alcoa during the first quarter worth approximately $109,000. AXA acquired a new stake in shares of Alcoa during the first quarter worth approximately $115,000. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in shares of Alcoa during the second quarter worth approximately $121,000. Finally, Savant Capital LLC raised its stake in shares of Alcoa by 21.9% in the second quarter. Savant Capital LLC now owns 13,125 shares of the company’s stock worth $122,000 after buying an additional 2,360 shares during the period.
The firm’s market cap is $11.89 billion. The company has a 50 day moving average price of $29.71 and a 200 day moving average price of $29.83.