Alcoa Corporation [AA] gain 7.45% so far this year. What now?


Alcoa Corporation [NYSE: AA] gained 3.54% or 2.19 points to close at $64.02 with a heavy trading volume of 5371962 shares. The company report on June 2, 2022 that Alcoa Assisting in the Development of Renewable Energy Infrastructure With Sales of Low-Carbon EcoLum™ to Hellenic Cables.

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Alcoa Corporation (AA: NYSE) announced today that it is supplying low-carbon EcoLum™ aluminum to Hellenic Cables S.A., one of the largest cable producers in Europe with key markets in renewable energy transmission and distribution.

Hellenic Cables, the cables segment of Cenergy Holdings, operates five manufacturing plants across three countries and manufactures power, telecommunication, and submarine cables, and compounds.

It opened the trading session at $62.59, the shares rose to $64.25 and dropped to $61.195, the range by which the price of stock traded the whole day. The daily chart for AA points out that the company has recorded 45.27% gains over the past six months. However, it is still -106.52% lower than its most recent low trading price.

If we look at the average trading volume of 7.51M shares, AA reached to a volume of 5371962 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Alcoa Corporation [AA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for AA shares is $89.95 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on AA stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Citigroup have made an estimate for Alcoa Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 21, 2022. While these analysts kept the previous recommendation, Credit Suisse raised their target price from $68 to $82. The new note on the price target was released on April 08, 2022, representing the official price target for Alcoa Corporation stock. Previously, the target price had yet another raise from $78 to $100, while Morgan Stanley kept a Equal-Weight rating on AA stock. On January 11, 2022, analysts increased their price target for AA shares from 60 to 65.

The Average True Range (ATR) for Alcoa Corporation is set at 3.81, with the Price to Sales ratio for AA stock in the period of the last 12 months amounting to 0.97. The Price to Book ratio for the last quarter was 2.57, with the Price to Cash per share for the same quarter was set at 8.16. Price to Free Cash Flow for AA in the course of the last twelve months was 22.53 with Quick ratio for the last quarter at 0.90.

Trading performance analysis for AA stock

Alcoa Corporation [AA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.74. With this latest performance, AA shares gained by 0.88% in over the last four-week period, additionally plugging by 45.27% over the last 6 months – not to mention a rise of 69.63% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AA stock in for the last two-week period is set at 49.12, with the RSI for the last a single of trading hit 53.60, and the three-weeks RSI is set at 47.03 for Alcoa Corporation [AA]. The present Moving Average for the last 50 days of trading for this stock 72.13, while it was recorded at 62.76 for the last single week of trading, and 61.07 for the last 200 days.

Alcoa Corporation [AA]: A deeper dive into fundamental analysis

Alcoa Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.60.

An analysis of insider ownership at Alcoa Corporation [AA]

There are presently around $9,614 million, or 85.10% of AA stock, in the hands of institutional investors. The top three institutional holders of AA stocks are: BLACKROCK INC. with ownership of 20,084,162, which is approximately 13.511% of the company’s market cap and around 0.80% of the total institutional ownership; VANGUARD GROUP INC, holding 18,087,600 shares of the stock with an approximate value of $1.12 billion in AA stocks shares; and FMR LLC, currently with $567.08 million in AA stock with ownership of nearly 563.569% of the company’s market capitalization.

304 institutional holders increased their position in Alcoa Corporation [NYSE:AA] by around 37,327,506 shares. Additionally, 294 investors decreased positions by around 33,000,825 shares, while 79 investors held positions by with 85,159,115 shares. The mentioned changes placed institutional holdings at 155,487,446 shares, according to the latest SEC report filing. AA stock had 163 new institutional investments in for a total of 16,596,714 shares, while 88 institutional investors sold positions of 5,566,463 shares during the same period.