NEW YORK (TheStreet) -- Alcoa (AA) hit a 52-week high of $15.76 on Wednesday as the world's third-largest aluminum producer continued to benefit from Tuesday's second-quarter earnings report that beat analysts' estimates.
Alcoa announced earnings excluding items of 18 cents a share, which beat the consensus estimate of 12 cents a share. Second-quarter revenue totaled $5.84 billion, which beat analysts' estimates of $5.66 billion. The company also forecast aluminum global demand growth of 7% for 2014.
The stock closed up 5.66% to $15.69. More than 54 million shares changed hands, compared to the average volume of 16,413,200.
Separately, 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. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."
- You can view the full analysis from the report here: AA Ratings Report