Investors Buy Alcoa Corp. (AA) on Weakness

Investors bought shares of Alcoa Corp. (NYSE:AA) on weakness during trading hours on Friday. $102.67 million flowed into the stock on the tick-up and $50.52 million flowed out of the stock on the tick-down, for a money net flow of $52.15 million into the stock. Of all companies tracked, Alcoa Corp. had the 11th highest net in-flow for the day. Alcoa Corp. traded down ($2.12) for the day and closed at $42.61

A number of research firms have recently weighed in on AA. Macquarie began coverage on shares of Alcoa Corp. in a report on Thursday. They set an “outperform” rating on the stock. Zacks Investment Research upgraded shares of Alcoa Corp. from a “hold” rating to a “strong-buy” rating and set a $51.00 price target on the stock in a report on Wednesday. Deutsche Bank AG restated a “hold” rating and set a $44.00 price target on shares of Alcoa Corp. in a report on Wednesday, August 9th. Credit Suisse Group began coverage on shares of Alcoa Corp. in a research note on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 target price on the stock. Finally, BMO Capital Markets set a $45.00 target price on shares of Alcoa Corp. and gave the company a “buy” rating in a research note on Saturday, August 5th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $41.57.

The stock has a 50 day moving average of $39.44 and a 200-day moving average of $34.93. The company has a market cap of $7.85 billion and a P/E ratio of 48.48.

Alcoa Corp. (NYSE:AA) last released its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the company posted $0.15 earnings per share. Alcoa Corp.’s revenue was up 23.1% compared to the same quarter last year. Equities research analysts predict that Alcoa Corp. will post $2.86 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Blockhouse Capital Management LP acquired a new position in shares of Alcoa Corp. in the first quarter valued at about $6,890,000. State of Wisconsin Investment Board grew its stake in shares of Alcoa Corp. by 9.5% in the second quarter. State of Wisconsin Investment Board now owns 146,169 shares of the industrial products company’s stock valued at $4,772,000 after acquiring an additional 12,650 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Alcoa Corp. by 18.2% in the second quarter. Bank of Montreal Can now owns 1,184,271 shares of the industrial products company’s stock valued at $38,666,000 after acquiring an additional 182,736 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Alcoa Corp. in the first quarter valued at about $775,000. Finally, Private Advisor Group LLC grew its stake in shares of Alcoa Corp. by 16.3% in the first quarter. Private Advisor Group LLC now owns 9,225 shares of the industrial products company’s stock valued at $312,000 after acquiring an additional 1,294 shares in the last quarter.

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About Alcoa Corp.

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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