The Vanguard Group, Inc. recently announced the acquisition of new stake in Alcoa Corp (NYSE:AA). The institutional investor has increased its shareholding in the Basic Materials company by 0.18% to 17.75 million shares with purchase of 31393.0 shares. This fresh investment now brings its stake to 9.95% valued currently at $455.24 million. In addition, BlackRock Fund Advisors raised its holdings by 99237.0 to 15.09 million shares. And Millennium Management LLC has lifted its position by 35.45% or 1.19 million shares – to 4.56 million shares.
With over 4.37 million Alcoa Corp (AA) shares trading Tuesday and a closing price of $26.08 on the day, the dollar volume was approximately $113.86 million. The shares have shown a negative half year performance of -20.49% and its price on 11/28/23 lost nearly -0.84%. Currently, there are 176.97M common shares owned by the public and among those 176.70M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for AA have a consensus price objective of $29.95. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $23.00. The average price target is 12.92% above its recent price level and a downside to the estimated low will see the stock lose -13.39% over that period. But an upside of 42.04% will see the stock hit the forecast high price target while median target price for the stock is $28.00.
Insiders at the company have transacted a total of 62 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 923,083 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 674,379 shares.
The top 3 mutual fund holders in Alcoa Corp are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 5.59 million shares of the company’s stock, all valued at over $143.32 million. The company bought an additional 10926.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard Small Cap Index Fund bought 9432.0 shares to bring its total holdings to over 4.6 million shares at a value of $118.05 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.58% of the shares outstanding.
Shares of Alcoa Corp (NYSE: AA) opened at $26.22, down -$0.08 from a prior closing price of $26.30. However, the script later moved the day high at 26.29, down -0.84%. The company’s stock has a 5-day price change of -1.47% and -11.92% over the past three months. AA shares are trading -42.64% year to date (YTD), with the 12-month market performance down to -45.54% lower. It has a 12-month low price of $23.07 and touched a high of $57.61 over the same period. AA has an average intraday trading volume of 5.73 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.97%, -0.96%, and -24.08% respectively.
Institutional ownership of Alcoa Corp (NYSE: AA) shares accounts for 82.94% of the company’s 176.97M shares outstanding. Mutual fund holders own 42.64%, while other institutional holders and individual stakeholders account for 8.53% and 41.68% respectively.
It has a market capitalization of $4.65B and a beta (3y monthly) value of 2.39. The earnings-per-share (ttm) stands at -$4.93. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.21% over the week and 3.55% over the month.
Analysts forecast that Alcoa Corp (AA) will achieve an EPS of -$0.7 for the current quarter, -$0.08 for the next quarter and $1.35 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.06 while analysts give the company a high EPS estimate of -$0.31. Comparatively, EPS for the current quarter was -$0.7 a year ago. Earnings per share for the fiscal year are expected to decrease by -153.06%, and 124.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Alcoa Corp (AA) as a “Moderate Buy” at a consensus score of 2.92. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 5 of the 12 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the AA, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on October 23, 2023, with the firm’s price target at $35-$25.
