NEW YORK (TheStreet) -- Shares of Alcoa(AA) - Get Report were falling 4.9% to $10.47 with heavy trading volume on Friday after the aluminum producer missed analysts' estimates for earnings and revenue in the third quarter.

On Thursday, Alcoa reported earnings of 7 cents a share for the third quarter, below analysts' estimates of 14 cents a share for the quarter. Revenue fell 10.7% year over year to $5.57 billion for the quarter, compared to analysts' estimates of $5.68 billion.

"The third quarter brought economic headwinds and significant volatility in some of our markets," Chairman and CEO Klaus Kleinfeld said in a statement. "We continue to be laser focused on the things we can control. We have successfully made our Upstream businesses less vulnerable to commodity downswings."

Analyst firm Stifel Nicolaus cut its price target for Alcoa to $15 from $18 following the company's third quarter financial report. The analyst firm noted that Alcoa remains on schedule to separate its upstream and value-added businesses in the second half of 2016.

About 32.5 million shares of Alcoa were traded by 11:21 a.m. Friday, above the company's average trading volume of about 28.7 million shares a day.

TheStreet Ratings team rates ALCOA INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate ALCOA INC (AA) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and generally higher debt management risk.

You can view the full analysis from the report here: AA

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