Alcoa Corp (AA) Short Interest Up 44.0% in November

Alcoa Corp (NYSE:AA) saw a significant increase in short interest in 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. Approximately 5.8% of the company’s stock are sold short. Based on an average daily trading volume, of 4,362,985 shares, the short-interest ratio is currently 2.5 days.

Several equities analysts have issued reports on AA shares. Deutsche Bank raised Alcoa from a “hold” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $60.00 in a report on Tuesday, September 12th. BMO Capital Markets raised their price target on Alcoa from $45.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 13th. Citigroup reissued a “buy” rating and set a $55.00 price target (up previously from $53.00) on shares of Alcoa in a report on Friday, October 20th. Zacks Investment Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co reissued a “buy” rating and set a $60.00 price target on shares of Alcoa in a report on Thursday, October 19th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $51.47.

Shares of Alcoa (NYSE AA) opened at $46.52 on Wednesday. Alcoa has a 12-month low of $28.01 and a 12-month high of $50.31. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.90 and a current ratio of 1.38. The stock has a market cap of $8,610.00 and a P/E ratio of 20.19.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). Alcoa had a net margin of 2.61% and a return on equity of 4.90%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. Alcoa’s revenue was up 27.3% on a year-over-year basis. sell-side analysts anticipate that Alcoa will post 3.2 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC raised its position in shares of Alcoa by 48.0% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 613,306 shares of the industrial products company’s stock worth $28,592,000 after purchasing an additional 198,895 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Alcoa by 6.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 80,047 shares of the industrial products company’s stock worth $3,732,000 after purchasing an additional 5,137 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Alcoa during the 3rd quarter worth approximately $10,295,000. California Public Employees Retirement System grew its stake in Alcoa by 30.8% in the 3rd quarter. California Public Employees Retirement System now owns 581,940 shares of the industrial products company’s stock worth $27,130,000 after acquiring an additional 137,164 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in Alcoa by 16.6% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 26,407 shares of the industrial products company’s stock worth $1,231,000 after acquiring an additional 3,759 shares during the period.

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About Alcoa

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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