Alcoa (NYSE:AA) Stock, Quote.Headers.trade-ideas

Alcoa

Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.

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It’s another risk-off day on Wall Street, with all major U.S. indices trading in the red. The CBOE Volatility Index (VIX), often referred to as the market’s fear gauge, spiked over 10%, reaching levels last seen in late April.

VIX Stages Double-Digit Spike As Risk Off Takes Over; Chipmakers Fail To Rebound, Weight Loss Giants Eli Lilly, Novo Tumble: What&#39;s Driving Markets Thursday?

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B Riley Securities analyst Lucas Pipes maintains Alcoa with a Neutral rating, raising the price target from $39 to $43.

Alcoa&#39;s Profitability Program Reaping Results - Analyst Sees Tailwinds From Lagged Alumina Pricing

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Beaten-down stocks could make a comeback on Thursday, with Taiwan Semiconductor Manufacturing Company Ltd.’s (NYSE:TSM) strong quarterly repo

Wall Street Gearing Up For Tech-Led Rebound Ahead Of Netflix Earnings: Economist Expects Soft Landing But Says Brace For Bigger Fed Rate Cuts If This Happens

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Alcoa's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) short percent of float has fallen 5.44% since its last report. The company recently reported that it has 12.09 million shares sold short, which is 8.69% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.46 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Alcoa Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721680219_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Alcoa has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Alcoa's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Alcoa's peer group average for short interest as a percentage of float is 5.28%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Alcoa?

Morgan Stanley analyst Carlos De Alba maintains Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Overweight and lowers the price target from $50 to $48.

Morgan Stanley Maintains Overweight on Alcoa, Lowers Price Target to $48

Deep-pocketed investors have adopted a bullish approach towards Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AA usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Alcoa. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 63% leaning bullish and 27% bearish. Among these notable options, 5 are puts, totaling $347,521, and 6 are calls, amounting to $444,066.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $50.0 for Alcoa, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Alcoa's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Alcoa's whale trades within a strike price range from $30.0 to $50.0 in the last 30 days. 
<h3>Alcoa Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721419296_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$0.59</td>
<td>$0.35</td>
<td>$0.45</td>
<td>$40.00</td>
<td>$168.8K</td>
<td>14.9K</td>
<td>425</td>
</tr>
<tr>
<td>AA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$6.05</td>
<td>$4.95</td>
<td>$5.0</td>
<td>$40.00</td>
<td>$121.5K</td>
<td>3.8K</td>
<td>1.1K</td>
</tr>
<tr>
<td>AA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$6.0</td>
<td>$4.95</td>
<td>$5.0</td>
<td>$40.00</td>
<td>$102.5K</td>
<td>3.8K</td>
<td>1.7K</td>
</tr>
<tr>
<td>AA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.76</td>
<td>$1.75</td>
<td>$1.75</td>
<td>$35.00</td>
<td>$84.6K</td>
<td>944</td>
<td>1.3K</td>
</tr>
<tr>
<td>AA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$3.45</td>
<td>$3.4</td>
<td>$3.45</td>
<td>$35.00</td>
<td>$81.4K</td>
<td>1.8K</td>
<td>51</td>
</tr>
</tbody>
</table>

<h3>About Alcoa</h3>
Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.
Having examined the options trading patterns of Alcoa, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Where Is Alcoa Standing Right Now?</h3>
<ul>
<li>With a trading volume of 3,865,743, the price of AA is down by -2.58%, reaching $34.73.</li>
<li>Current RSI values indicate that the stock is may be oversold.</li>
<li>Next earnings report is scheduled for 89 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Alcoa</h3>
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $45.5.
<ul>
<li>Consistent in their evaluation, an analyst from B of A Securities keeps a Neutral rating on Alcoa with a target price of $43. </li>
<li>In a positive move, an analyst from Morgan Stanley has upgraded their rating to Overweight and adjusted the price target to $50. </li>
<li>Consistent in their evaluation, an analyst from B. Riley Securities keeps a Neutral rating on Alcoa with a target price of $43. </li>
<li>An analyst from B of A Securities has decided to maintain their Neutral rating on Alcoa, which currently sits at a price target of $46. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Alcoa with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

This Is What Whales Are Betting On Alcoa

It&#8217;s another risk-off day on Wall Street, with all major U.S. indices trading in the red. The CBOE Volatility Index (VIX), often referred to as the market&#8217;s fear gauge, spiked over 10%, reaching levels last seen in late April.
Both the S&amp;P 500 and the Nasdaq 100 indices declined by 0.6%, while the Dow Jones Industrial Average fell 0.7%, potentially ending a streak of <a href="https://www.benzinga.com/top-stories/24/07/39827103/dow-jones-extends-all-time-highs-blue-chips-post-strongest-6-day-gain-versus-tech-stocks-in-22-years">six consecutive positive sessions.</a>
Small-cap stocks also succumbed to the broader negative sentiment, with the Russell 2000 index dropping 0.7%.
Chicago Fed President Austan Goolsbee, a known &#8220;dove&#8221; on the board, expressed optimism about progress on inflation and the U.S. economy&#8217;s resilience in avoiding a recession. He did not commit to a potential <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39843875/feds-goolsbee-confident-with-inflations-golden-path-but-wont-tie-committee-hands-">rate cut in September.</a>
Following Wednesday&#8217;s sell-off triggered by concerns over increased U.S. chip export restrictions to China, semiconductor stocks remained broadly weaker, with the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) down by 0.6%. Despite this, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) defied the trend, rising 1.8%.
Significant volatility erupted in the health care sector, particularly within the weight loss drug industry. The market duopoly of Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) face heightened competitive threats from Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and Roche Holding Ltd (OTCPK: RHHBY), both of which recently announced developments to enter this lucrative market.
Shares of Eli Lilly plunged 5.6%, marking their worst session since mid-March 2021, while Novo Nordisk shares dropped 5%, their worst performance since August 2022.
On the economic data front, jobless claims rose more than expected last week and continuing claims reached their highest level since November 2021, indicating a cooling trend <a href="https://www.benzinga.com/etfs/sector-etfs/24/07/39837570/unemployment-claims-rise-more-than-expected-boosting-hopes-for-rate-cuts-as-cracks-in-labor-mark">in the labor market.</a>
The U.S. dollar acted as a safe haven, rising 0.3%, while Treasury yields inched higher across the curve. The European Central Bank kept interest rates unchanged, as expected, keeping the <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39838605/european-central-bank-holds-interest-rates-unchanged-keeps-markets-guessing-on-se">door open for September.</a>
In commodities, growth-sensitive copper tumbled over 3%, hitting its lowest level since mid-April. Silver eased by 0.9% and gold remained flat. Oil prices slipped 0.3%, while natural gas surged over 4%, nearly recouping Wednesday&#8217;s sharp losses following a weaker-than-expected buildup in inventories last week.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) edged 0.4% lower, eyeing a second consecutive negative close.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,687.70</td>
<td>-0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,556.41</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,929.46</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,220.63</td>
<td>-0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071824&amp;t=be2bearmibe3na1">Benzinga pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.6% lower to $553.74.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell by 0.7% to $409.10.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) fell 0.5% to $479.14.</li>
<li>Sector-wise, the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;outperformed, up by 1%, while the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Market Movers</h3>
<ul>
<li>Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) fell 0.9% despite reporting stronger-than-expected results last quarter.</li>
<li>Other stocks reacting to corporate earnings were Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), down 3.5%, Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), down 1%, SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) down 2.5%, Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), up 3.8%, Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>), down 13%, Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), up 2.6%, Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), down 1%, Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), down over 5%, Cintas Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>), up over 6%, D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), up 13%, Virtu Financial Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRT#NASDAQ">VIRT</a>), up 18% and Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), down 4.4%.</li>
<li>Companies reporting after the close include Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>).</li>
</ul>
Read now: 
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<li><a href="https://www.benzinga.com/government/24/07/39841598/project-2025-wants-to-radically-change-us-tax-policy-would-you-pay-more-or-less-in-taxes">Project 2025 Wants To Radically Change US Tax Policy: Would You Pay More Or Less In Taxes?</a></li>
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Photo via Shutterstock.

VIX Stages Double-Digit Spike As Risk Off Takes Over; Chipmakers Fail To Rebound, Weight Loss Giants Eli Lilly, Novo Tumble: What's Driving Markets Thursday?

B Riley Securities analyst Lucas Pipes maintains Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Neutral rating, <a target="_blank" href="https://www.benzinga.com/quote/AA/analyst-ratings" rel="noreferrer noopener">raising the price target from&nbsp;$39&nbsp;to&nbsp;$43.</a>
According to the analyst, Alcoa is highly focused on closing the Alumina Limited acquisition immediately, which appears to be comfortably on pace for the August 1 target.
For the operating footprint, the company has made strides in its profitability improvement program, with a $350 million run-rate achieved to date and $295 million left to achieve over the second half of the year and 2025.
According to the analyst, final bids are being collected for a potential San Ciprian sale, but &#8220;hard decisions&#8221; are still expected if a sale or asset optimization is unsuccessful.
Pipes writes that investors are focused on potential through-cycle earnings on the back of the improvements.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39842776/byd-challenges-vinfast-in-vietnam-aims-to-expand-car-dealerships-from-13-locations-to-100-by-202" rel="noreferrer noopener">BYD Challenges VinFast In Vietnam, Aims To Expand Car Dealerships From 13 Locations To 100 By 2026</a>
The analyst tweaked the third-quarter adjusted EBITDA estimate from $437 million to $427 million.
Alcoa&#8217;s profitability program is seeing results, with a $350 million run-rate of improvement achieved thus far.
Of this total, $250 million is attributable to raw materials savings, while the next largest buckets are the productivity and competitiveness program ($30 million of a targeted $100 million) and the Warrick optimization and IRA benefit ($30 million).
According to JP Morgan analyst Bill Peterson, roughly 55% of its cost-saving initiatives (targeting a $645 million run-rate by 2025 vs. 2023 levels) have already been achieved.
Peterson writes that, low hanging fruit has been captured and remaining tailwinds will be contingent on execution.
Into the third quarter, the analyst projects further tailwinds from lagged alumina pricing and notes a decision on its lossmaking San Ciprian complex as a likely next catalyst.
Price Action: AA shares are trading lower by 1.98% to $36.08 at last check Thursday.
Photo via Wikimedia Commons
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Alcoa's Profitability Program Reaping Results - Analyst Sees Tailwinds From Lagged Alumina Pricing

Throughout the last three months, 6 analysts have evaluated Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), offering a diverse set of opinions from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Alcoa, presenting an average target of $44.75, a high estimate of $50.00, and a low estimate of $36.50. This current average has increased by 20.95% from the previous average price target of $37.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1721322028_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
The analysis of recent analyst actions sheds light on the perception of Alcoa by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Lawson Winder</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$43.00</td>
<td>$46.00</td>
</tr>
<tr>
<td>Lucas Pipes</td>
<td>B. Riley Securities</td>
<td>Raises</td>
<td>Neutral</td>
<td>$43.00</td>
<td>$39.00</td>
</tr>
<tr>
<td>Lawson Winder</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Neutral</td>
<td>$46.00</td>
<td>$40.00</td>
</tr>
<tr>
<td>Carlos De Alba</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$50.00</td>
<td>$36.50</td>
</tr>
<tr>
<td>Alexander Hacking</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$50.00</td>
<td>$32.00</td>
</tr>
<tr>
<td>Carlos De Alba</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$36.50</td>
<td>$28.50</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Alcoa. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Alcoa compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
For valuable insights into Alcoa's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/AA/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Alcoa analyst ratings.</a>
<h2>Unveiling the Story Behind Alcoa</h2>
Alcoa Corp is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is a bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain. The company segments include Bauxite; Alumina and Aluminum. It generates maximum revenue from the Aluminum segment. Geographically, it derives a majority of its revenue from the United States.
<h3>Understanding the Numbers: Alcoa's Finances</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Revenue Challenges: Alcoa's revenue growth over 3 months faced difficulties. As of 31 March, 2024, the company experienced a decline of approximately -2.66%. This indicates a decrease in top-line earnings. When compared to others in the Materials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: The company's net margin is below industry benchmarks, signaling potential difficulties in achieving strong profitability. With a net margin of -9.7%, the company may need to address challenges in effective cost control.
Return on Equity (ROE): Alcoa's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -6.11%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Alcoa's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -1.77%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Alcoa's debt-to-equity ratio stands notably higher than the industry average, reaching 0.64. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>Analyst Ratings: What Are They?</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 6 Analyst Evaluations For Alcoa

B of A Securities analyst Lawson Winder maintains Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Neutral and lowers the price target from $46 to $43.

B of A Securities Maintains Neutral on Alcoa, Lowers Price Target to $43

B. Riley Securities analyst Lucas Pipes maintains Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Neutral and raises the price target from $39 to $43.

B. Riley Securities Maintains Neutral on Alcoa, Raises Price Target to $43

Beaten-down stocks could make a comeback on Thursday, with Taiwan Semiconductor Manufacturing Company Ltd.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a href="https://www.benzinga.com/markets/asia/24/07/39832197/apple-nvidia-supplier-tsmc-reports-strong-q2-results-amid-booming-demand-for-ai-chips-guides-q3-abov">strong quarterly report </a>lifting sentiment toward tech stocks. The major U.S. index futures were mixed ahead of the trading session.
A few Fed speeches scheduled for the day, and key economic data, including jobless claims, the results of a regional manufacturing survey, and leading economic index may influence trading direction. Traders may also pay attention to the European Central Bank&#8217;s rate decision and its monetary policy outlook.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.40%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.15%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.13%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.03%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.18% to $557.94 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) added 0.41% to $483.74, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Geopolitical concerns and apprehensions around the health of the tech reporting season weighed down on the market on Wednesday. The Nasdaq Composite and the S&amp;P 500 Index languished deep in the red throughout the session and ended notably lower, snapping a three-session winning streak. The former had its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39831761/as-trump-biden-tough-geopolitical-talk-razes-tech-stocks-munster-warns-of-ai-progre">worst one-day performance</a> since December 2022 and settled below the psychological 18,000 barrier for the first time since July 1.
Among S&amp;P 500 sectors, IT stocks fell the most, while communication services and consumer discretionary stocks also came under significant selling pressure. On the other hand, strength in healthcare, financial, energy, and consumer staple stocks mitigated some of the weaknesses.
The 30-stock Dow Industrials Average bucked the downtrend and rose for the sixth straight session, with Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) leading the charge following the pharma giant&#8217;s earnings release. Small-caps, however, retreated from a 2-1/2 year high.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-2.77%</td>
<td>17,996.92</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-1.39%</td>
<td>5,588.27</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.59%</td>
<td>41,198.08</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.06%</td>
<td>2,239.67</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley Chief U.S. Economist Ellen Zentner said despite investor worries over economic data, the firm expects a soft landing for the U.S. economy. The firm expects three rate cuts, each 25 basis points, beginning in September. &#8220;However, increased labor market softness could prompt the Fed to bigger cuts to head off a recession,&#8221; she said.
Upcoming Economic Data:
<ul>
<li>The Labor Department is scheduled to release its jobless claims report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment benefits to come in at 229,000 in the week ended July 13, up from 222,000 in the previous week.</li>
<li>The Philadelphia Fed will release the results of its July regional manufacturing survey at 8:30 a.m. EDT. The consensus estimate calls for a reading of 2.9 for the headline diffusion index of business activity, up from 1.3 in June.</li>
<li>The Conference Board is due to release the leading economic index for June at 10 a.m. EDT. The index is expected to show a 0.3% drop in the index, not as worse as the 0.5% fall in May.</li>
<li>Chicago Fed President Austan Goolsbee will speak at 10 a.m. EDT, Dallas Fed President Lorie Logan at 1:45 p.m. EDT, San Francisco Fed President Mary Daly at 6:05 p.m. EDT, and Fed Governor Michelle Bowman at 7:45 P.m. EDT.</li>
<li>The Treasury will auction four- and eight-week bills at 11:30 a.m. EDT and 10-year TIPS auction at 1 p.m. EDT.</li>
</ul>
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Stocks In Focus:
<ul>
<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) rose over 1% <a href="https://www.benzinga.com/premarket">in premarket trading</a> trading following the aluminum maker&#8217;s quarterly report. Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) fell over 2.50% and SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) gained over 3%.</li>
<li>Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) plunged over 10% on a slight revenue miss.</li>
<li>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>), Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) and Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting their quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures were modestly lower, while gold futures rose. The 10-year Treasury yield climbed 4.2 points to 4.185%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped below the $65,000 level.
The Asian markets had a mixed session, with Japan falling on weak trade data and Taiwanese and South Korean markets extending their slide. On the other hand, the Australian, Chinese, and Hong Kong markets ended in the green.
On the other hand, European stocks firmed up ahead of the rate decision. The European Central Bank is scheduled to announce its rate decision at 8:15 a.m. EDT, with economists anticipating that the bank will hold fire after reducing rates by 25 basis points at the last meeting.
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Image generated using Midjourney

Within third quarter 2024 Alumina Segment Adjusted EBITDA, the Company expects sequential unfavorable impacts of $10 million related to bauxite grade in Australia.
Within third quarter 2024 Aluminum Segment Adjusted EBITDA, the Company expects favorable raw material prices of $10 million.
Interest expense in the third quarter 2024 is expected to increase by approximately $5 million due to the assumption of Alumina Limited debt at acquisition closing.
Based on current alumina and aluminum market conditions, Alcoa expects third quarter operational tax expense to approximate $60 million to $70 million, which may vary with market conditions and jurisdictional profitability.
Net income attributable to noncontrolling interest will be reported through the closing of the Alumina Limited acquisition in the third quarter and is expected to approximate $20 million.

Guidance

Alcoa Provides Q3 2024 Guidance

WIIM

Alcoa shares are trading higher after the company reported better-than-expected Q2 financial results.

Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) reported quarterly earnings of $0.16 per share which beat the analyst consensus estimate of $0.06 by 166.67 percent. The company reported quarterly sales of $2.91 billion which beat the analyst consensus estimate of $2.84 billion by 2.19 percent. This is a 8.27 percent increase over sales of $2.68 billion the same period last year.

Earnings Beats

Alcoa Q2 2024 Adj EPS $0.16 Beats $0.06 Estimate, Sales $2.91B Beat $2.84B Estimate

It&#8217;s deep red on Wall Street on Wednesday, with tech stocks sharply falling amid a semiconductor broad-based selloff following news that the Biden administration is hastening<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo"> export restrictions to China. </a>
Bloomberg reported on Wednesday that the U.S. administration has advised its allies to impose the strictest trade restrictions possible if companies such as Tokyo Electron Ltd. (OTCPK: TOELY) and ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) persist in supplying advanced chips to China. Shares of the Dutch chipmaker ASML Holding fell nearly 12%, notching the worst decline since March 2020. 
The tech-heavy Nasdaq 100 tumbled by 2.7% at 12:45 p.m. ET, marking the worst session since late August 2023. The semiconductor industry was the hardest hit. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) and the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) both plummeted over 6%, marking their worst day since October 2022.
The elite group of the &#8216;Magnificent Seven,&#8217; tracked by the Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>), saw a collective market cap loss of $500 billion in a single trading session. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) alone plummeted 7%, accounting for a $180 billion loss.
The S&amp;P 500 dropped 1.2%, while blue-chip stocks of the Dow Jones rose 0.6% to 41,200 points, extending their all-time highs and marking a sixth consecutive session of gains. Meanwhile, small caps took a breather, with the Russell 2000 index falling 1%, ending a five-day winning streak.
U.S. natural gas futures fell over 6%, hitting two-month lows, due to lower-than-expected cooling demand amid milder weather forecasts for the next two weeks.
Oil prices rallied 1.9% after U.S. inventories declined again last week. Gold edged down 0.5% from the all-time highs reached on Tuesday. The dollar fell 0.4%, with the dollar-yen pair dropping 1.3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 1.2%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In US Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,154.73</td>
<td>0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,240.18</td>
<td>-1.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,592.13</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,862.83</td>
<td>-2.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071724&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.4% lower to $557.02.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose by 0.4% to $411.20.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) eased 2.7% to $482.82.</li>
<li>Sector-wise, the&nbsp;Consumer Staples Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 3.6%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) tumbled 8.3%, dropping below the 50-day moving average support. </li>
<li>U.S.-listed shares of Taiwan Semiconductor Manufacturing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) plummeted 7% following reports that U.S. presidential candidate Donald Trump suggested Taiwan should compensate the U.S. for its defense.</li>
<li>British chipmaker Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbled 8.7%.</li>
<li>Other chip giants, including Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) and Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), also saw declined by about 8%.</li>
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) rallied 3.7% on stronger-than-expected quarterly results. </li>
<li>Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) plunged 9.4%, following a 10.2% drop on Tuesday, as several analysts lowered their price targets in response to disappointing Q2 earnings.</li>
<li>Other stocks reacting to company earnings were Elevance Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>), down 6.5%, U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), up 4.6%, Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), down 3%, Northern Trust Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NASDAQ">NTRS</a>), down 7%, Citizens Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>), up 3.4% and Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>), up 0.6%. </li>
<li>Companies reporting after the close include Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>), Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) and United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>).</li>
</ul>
Read now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39819662/bank-of-america-analysts-stick-to-december-rate-cut-prediction-brace-for-election-f">Bank Of America Analysts Stick To December Rate Cut Prediction, Brace For Election-Fueled S&amp;P 500 Turbulence</a></li>
</ul>
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