By midday, shares have climbed 3.9% to $11.47, adding to an overall 12.7% gain over the week.
Midweek, the aluminium producer announced it would close two remaining potlines at its Massena East plant in New York state in the first quarter of 2014 because they are not competitive anymore. Alcoa will work with the New York Power Authority to keep its Massena West smelter operational.
On Friday, the Pittsburgh-based business announced its board had approved a quarterly dividend of 3 cents a share payable Feb. 25 to common stock shareholders of record at the close of Feb. 7. On its cumulative preferred stock priced at $3.75 a share, the company will offer a quarterly dividend of 93.75 cents a share on April 1 to shareholders of record at the close of March 14.
TheStreet Ratings team rates ALCOA INC as a Hold with a ratings score of C. The 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. Among the primary strengths of the company is its solid stock performance, considering both the consistency and magnitude of the price movement over time. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."