The stock now has an average rating of Buy and an average price target of $15.65.
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In after-hours trading on Thursday, the stock was down as much as 5%. For instance, AA calls have been gaining momentum heading into this week’s quarterly report, which could be a sign that short sellers are hedging their bets. Finally, Macquarie lowered their price objective on Alcoa from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. No matter how confident long-term investors might be about Alcoa’s future prospects, skeptical shareholders will insist on seeing concrete evidence of the transformation’s benefits before they start bidding up shares substantially from their current beaten-down levels.
Alcoa has struggled with falling commodities prices for the past year, but the Federal Reserve’s lack of action on interest rates has provided a short-term boost for Alcoa stock. The share price was last updated to $10.94 with a loss of -0.04 points or -0.36%. 6 analysts rated the company as a strong buy. Revenues fell 10.7 percent to 5.57 billion. Value investors seek stocks that trade at a lower price relative to key fundamentals such as sales, earnings and dividends. The firm has a 50-day moving average of $9.45 and a 200 day moving average of $11.35. Alcoa has a 52 week low of $7.97 and a 52 week high of $17.75.
For the most part, Alcoa held onto its previous estimates for overall demand in its global end markets.
Lightweight metals leader Alcoa today reported a third quarter profit as its value-add and upstream portfolios delivered solid results in the face of strong market and currency headwinds. During the same period in the previous year, the business posted $0.31 earnings per share.
Packaging sales, however, are still expected to rise 8%-12% over a year ago.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 4th. Alcoa’s operations consist of four worldwide reportable segments: Alumina, Primary Metals, Flat-Rolled Products, and Engineered Products and Solutions. It also cuts views on Chinese heavy-duty trucks and commercial construction. In addition, it produces and handles primary aluminum, fabricated aluminum and alumina combined, through its active involvement in the areas of the business, including technology, mining, refining, smelting, fabricating, and recycling.
