Argus Cuts Alcoa (NYSE:AA) Price Target to $55.00

Alcoa (NYSE:AA) had its price objective decreased by Argus from $73.00 to $55.00 in a report released on Wednesday, MarketBeat.com reports. Argus currently has a buy rating on the industrial products company’s stock.

Several other research firms have also recently weighed in on AA. BMO Capital Markets cut their price objective on Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Friday, July 17th. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. dropped their price target on Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a research report on Friday, July 17th. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Finally, Wells Fargo & Company reduced their price objective on Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $61.09.

Alcoa Stock Down 2.4%

Shares of Alcoa stock opened at $44.20 on Wednesday. The stock has a market capitalization of $11.66 billion, a P/E ratio of 9.10, a PEG ratio of 0.51 and a beta of 1.63. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average price of $59.57 and a two-hundred day moving average price of $62.13. Alcoa has a 12-month low of $28.11 and a 12-month high of $84.38.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the prior year, the business earned $0.39 EPS. Equities analysts expect that Alcoa will post 6.55 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Tuesday, May 19th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Alcoa’s dividend payout ratio is currently 8.23%.

Hedge Funds Weigh In On Alcoa

Hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC grew its position in Alcoa by 1,098.0% in the first quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 10,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Alcoa by 0.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock valued at $19,722,000 after acquiring an additional 4,624 shares during the period. Invesco Ltd. boosted its stake in shares of Alcoa by 1.9% in the 2nd quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock valued at $18,902,000 after purchasing an additional 12,008 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Alcoa by 173.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 1,295 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Alcoa by 320.1% in the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after purchasing an additional 205,717 shares during the last quarter.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.