The Vanguard Group, Inc. has recently announced that it has increased stake in Alcoa Corp (NYSE:AA) by 0.18%. After grabbing 17.75 million shares, the institutional investor is now in possession of 31393.0 shares of the Basic Materials Company. The new investment brought the stake of investor firm to 9.95% having worth around $476.9 million. Moreover, BlackRock Fund Advisors increased its share by 99237.0 to have a control over 15.09 million shares. And Millennium Management LLC raised its holdings to 1.19 million shares by acquiring 4.56 million shares or 2.55% of the stake.
Alcoa Corp (AA) concluded trading on 01/03/24 at a closing price of $31.49, with 7.42 million shares of worth about $233.54 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -6.50% during that period and on Wednesday the price saw a loss of about -5.46%. Currently the company’s common shares owned by public are about 176.97M shares, out of which, 176.74M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 14 analysts are covering the AA stock and their offered price forecasts bring an average price target of $30.48. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $45.00 and could fall to a lowest price of $23.00. The stock’s current price level is -3.31% below of average price target set by the analysts, while a dip to estimated low would result in loss of -36.91% for the stock. However, touching the estimated high of $45.00 would mean a gain of 30.02% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 62 times over the past 12 months. They bought 923,083 shares in 36 of the transactions. In 26 selling transactions, insiders dumped 674,379 shares.
Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Alcoa Corp Vanguard Total Stock Market ETF is currently holding 5.6 million shares of worth totaling $150.35 million. The company recently came buying 7875.0 shares which brought its stake up to 3.14% of the company’s outstanding shares. iShares Core S&P Mid Cap ETF bought 977.0 shares, after which its hold over company’s outstanding shares expand to 3.08%, leaving 5.5 million shares with the mutual fund that have a worth of about $147.86 million. Vanguard Small Cap Index Fund, after buying 4.62 million shares, have now control over 2.59% of the stake in the company. It holds 14183.0 shares of worth $124.05 million.
Alcoa Corp (NYSE: AA) started trading at $32.12, below -$1.19 from concluding price of the previous day. However, the stock later moved at a day high price of 32.27, or with a loss of -5.46%. Stock saw a price change of -7.03% in past 5 days and over the past one month there was a price change of 13.52%. Year-to-date (YTD), AA shares are showing a performance of -7.38% which decreased to -30.75% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $23.07 but also hit the highest price of $57.61 during that period. The average intraday trading volume for Alcoa Corp shares is 5.84 million. The stock is currently trading 6.20% above its 20-day simple moving average (SMA20), while that difference is up 15.91% for SMA50 and it goes to -1.80% lower than SMA200.
The Vanguard Group, Inc. acquired 17.75 million shares of Alcoa Corp having value of about $476.9 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 31393.0 shares in the company valued at close to $988565.57, or have control over 0.18% stake in the company. Alcoa Corp (NYSE: AA) currently have 176.97M outstanding shares and institutions hold larger chunk of about 83.01% of that. Holding of mutual funds in the company is about 43.28% while other institutional holders and individual stake holders have control over 8.53% and 41.18% of the stake respectively.
The stock has a current market capitalization of $5.62B and its 3Y-monthly beta is at 2.49. It has posted earnings per share of -$4.93 in the same period. It has Quick Ratio of 0.83 while making debt-to-equity ratio of 0.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for AA, volatility over the week remained 2.95% while standing at 4.93% over the month.
Analysts are in expectations that Alcoa Corp (AA) stock would likely to be making an EPS of -$0.77 in the current quarter, while forecast for next quarter EPS is -$0.09 and it is $1.69 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.13 which is -$0.53 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.7 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -153.76% while it is estimated to increase by 114.35% in next year.
Analysts at 14 brokerage firms have issued recommendations for the Alcoa Corp (AA)’s stock and average of those rates the stock at a “Hold” and assign it a score of 3.00. Out of those 14 Wall Street analysts, 3 recommended a “Buy” rating, while 6 were in favor recommending the stock as a “Hold” and 3 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by HSBC Securities on December 07, 2023 offering a Hold rating for the stock and assigned a target price of $29 to it.
