Alcoa (NYSE:AA) Stock Price Target Cut by Morgan Stanley

Alcoa (NYSE:AA) had its price target dropped by analysts at Morgan Stanley from $53.00 to $50.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s price objective suggests a potential upside of 18.52% from the company’s current price.

A number of other research analysts have also issued reports on AA. Zacks Research upgraded shares of Alcoa from a “strong sell” rating to a “hold” rating in a report on Monday, September 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Alcoa in a report on Monday, September 14th. Wells Fargo & Company decreased their price target on shares of Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. UBS Group dropped their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, B. Riley Financial cut their price target on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.17.

Alcoa Price Performance

Shares of AA traded down $0.98 during mid-day trading on Wednesday, reaching $42.19. The company had a trading volume of 642,992 shares, compared to its average volume of 5,847,460. The company’s 50 day simple moving average is $47.68 and its 200 day simple moving average is $56.93. Alcoa has a 1-year low of $35.01 and a 1-year high of $84.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53. The company has a market capitalization of $11.13 billion, a price-to-earnings ratio of 8.67, a P/E/G ratio of 0.49 and a beta of 1.74.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same quarter in the prior year, the company earned $0.39 earnings per share. Analysts expect that Alcoa will post 6.61 EPS for the current year.

Insider Activity at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares in the company, valued at approximately $2,014,841.40. This trade represents a 28.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Renato Bacchi sold 700 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the transaction, the executive vice president owned 74,930 shares in the company, valued at $3,822,928.60. This trade represents a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Alcoa

A number of hedge funds have recently bought and sold shares of the company. Checchi Capital Advisers LLC grew its stake in Alcoa by 3.4% during the first quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 170 shares in the last quarter. Essential Partners LLC lifted its stake in Alcoa by 0.9% in the 1st quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company’s stock worth $1,361,000 after purchasing an additional 193 shares in the last quarter. Himension Capital Singapore PTE. LTD. boosted its holdings in Alcoa by 1.3% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company’s stock valued at $1,235,000 after purchasing an additional 246 shares during the period. Sage Rhino Capital LLC boosted its holdings in Alcoa by 7.0% in the 1st quarter. Sage Rhino Capital LLC now owns 4,276 shares of the industrial products company’s stock valued at $284,000 after purchasing an additional 279 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its position in shares of Alcoa by 4.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,373 shares of the industrial products company’s stock valued at $332,000 after purchasing an additional 282 shares in the last quarter. Institutional investors own 82.39% of the company’s stock.

About Alcoa

Alcoa Corporation (NYSE:AA) is a global producer of aluminum and an integrated participant in the aluminum industry. Its operations span the value chain from bauxite mining and alumina refining to aluminum smelting, casting and recycling.

The company supplies aluminum products used in transportation, building and construction, packaging, aerospace, automotive, electrical and other industrial applications. Its portfolio includes primary aluminum, alumina, aluminum billets and other cast products, as well as low-carbon and recycled aluminum offerings.

Alcoa traces its origins to the Pittsburgh Reduction Company, founded in 1888, and has helped develop the modern aluminum industry.