Alcoa Corp (NYSE:AA)’s stock price was up 6.5% on Wednesday . The stock traded as high as $22.28 and last traded at $22.18, approximately 6,190,919 shares were traded during trading. An increase of 71% from the average daily volume of 3,618,501 shares. The stock had previously closed at $20.83.

A number of analysts recently issued reports on the company. Jefferies Financial Group downgraded Alcoa from a “buy” rating to a “hold” rating and lowered their price target for the stock from $29.00 to $23.00 in a research report on Thursday, July 18th. Macquarie cut shares of Alcoa from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $34.00 to $25.00 in a research report on Tuesday, July 9th. Zacks Investment Research upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Monday, September 2nd. Credit Suisse Group raised shares of Alcoa from a “neutral” rating to an “outperform” rating and increased their target price for the company from $26.00 to $27.00 in a research note on Wednesday. Finally, Argus lowered shares of Alcoa from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $33.92.

The stock has a fifty day moving average of $19.42 and a 200-day moving average of $23.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.81 and a current ratio of 1.51. The company has a market cap of $3.77 billion, a PE ratio of 6.20 and a beta of 1.45.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.33. Alcoa had a positive return on equity of 2.78% and a negative net margin of 4.92%. The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the company posted $1.52 EPS. Alcoa’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that Alcoa Corp will post -0.27 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of AA. Nuveen Asset Management LLC purchased a new position in Alcoa in the 2nd quarter worth about $17,128,000. Investec Asset Management LTD bought a new position in Alcoa in the 2nd quarter worth about $3,233,000. FMR LLC grew its stake in Alcoa by 136.4% in the 1st quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock worth $29,528,000 after acquiring an additional 605,094 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Alcoa by 22.9% during the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after acquiring an additional 549,600 shares during the period. Finally, Morgan Stanley increased its position in shares of Alcoa by 58.9% during the second quarter. Morgan Stanley now owns 1,409,160 shares of the industrial products company’s stock worth $32,989,000 after acquiring an additional 522,612 shares during the period.

About Alcoa (NYSE:AA)

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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