Alcoa Corporation [NYSE: AA] price plunged by -10.81 percent to reach at -$4.82. The company report on March 15, 2023 that Portland Aluminium joint venture in Australia to reduce production.
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Alcoa Corporation (NYSE: AA) today announced that the Portland Aluminium smelter in the state of Victoria in Australia will begin to immediately reduce its overall production due to operational instability.
Production at the smelter will be reduced to approximately 75 percent of the site’s total consolidated capacity of 358,000 metric tons per year (mtpy). Alcoa’s share of the total capacity is 197,000 mtpy. The smelter, which has a total of 408 pots, had previously been operating at about 95 percent of its total capacity.
A sum of 9408603 shares traded at recent session while its average daily volume was at 4.96M shares. Alcoa Corporation shares reached a high of $42.47 and dropped to a low of $38.85 until finishing in the latest session at $39.77.
The one-year AA stock forecast points to a potential upside of 28.52. The average equity rating for AA stock is currently 2.30, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 $55.64 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 2.30. 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 Buy, with their previous recommendation back on February 22, 2023. While these analysts kept the previous recommendation, B. Riley Securities raised their target price from $41 to $42. The new note on the price target was released on January 19, 2023, representing the official price target for Alcoa Corporation stock. Previously, the target price had yet another drop from $60 to $56, while Morgan Stanley kept a Equal-Weight rating on AA stock.
The Average True Range (ATR) for Alcoa Corporation is set at 2.98, with the Price to Sales ratio for AA stock in the period of the last 12 months amounting to 0.61. The Price to Book ratio for the last quarter was 1.39, with the Price to Cash per share for the same quarter was set at 7.17. Price to Free Cash Flow for AA in the course of the last twelve months was 28.02 with Quick ratio for the last quarter at 0.90.
AA Stock Performance Analysis:
Alcoa Corporation [AA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.05. With this latest performance, AA shares dropped by -17.06% in over the last four-week period, additionally sinking by -20.92% over the last 6 months – not to mention a drop of -45.89% 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 30.89, with the RSI for the last a single of trading hit 24.11, and the three-weeks RSI is set at 35.67 for Alcoa Corporation [AA]. The present Moving Average for the last 50 days of trading for this stock 50.01, while it was recorded at 44.38 for the last single week of trading, and 47.40 for the last 200 days.
Insight into Alcoa Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Alcoa Corporation [AA] shares currently have an operating margin of +13.30 and a Gross Margin at +15.15. Alcoa Corporation’s Net Margin is presently recorded at -0.96.
Return on Equity for this stock declined to -2.52, with Return on Assets sitting at -0.83.
Alcoa Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.70.
AA Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for AA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Alcoa Corporation go to 12.30%.
Alcoa Corporation [AA] Insider Position Details
There are presently around $5,810 million, or 82.60% of AA stock, in the hands of institutional investors. The top three institutional holders of AA stocks are: BLACKROCK INC. with ownership of 22,268,506, which is approximately -0.607% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 17,673,416 shares of the stock with an approximate value of $702.87 million in AA stocks shares; and STATE STREET CORP, currently with $318.24 million in AA stock with ownership of nearly 10.083% of the company’s market capitalization.
225 institutional holders increased their position in Alcoa Corporation [NYSE:AA] by around 24,666,327 shares. Additionally, 285 investors decreased positions by around 21,214,448 shares, while 89 investors held positions by with 100,215,123 shares. The mentioned changes placed institutional holdings at 146,095,898 shares, according to the latest SEC report filing. AA stock had 88 new institutional investments in for a total of 4,100,720 shares, while 92 institutional investors sold positions of 5,091,360 shares during the same period.