Citigroup Inc. reissued their buy rating on shares of Alcoa Corp. (NYSE:AA) in a report released on Friday, October 20th, MarketBeat reports. They currently have a $55.00 price objective on the industrial products company’s stock, up from their prior price objective of $53.00.
A number of other brokerages also recently issued reports on AA. Gabelli downgraded shares of Alcoa Corp. from a buy rating to a hold rating and boosted their price objective for the company from $57.00 to $60.00 in a research report on Wednesday, October 4th. Berenberg Bank set a $44.00 target price on shares of Alcoa Corp. and gave the stock a hold rating in a research report on Wednesday, October 18th. J P Morgan Chase & Co reaffirmed a buy rating and issued a $60.00 target price on shares of Alcoa Corp. in a research report on Thursday, October 19th. Macquarie reaffirmed a buy rating and issued a $62.00 target price (up from $55.00) on shares of Alcoa Corp. in a research report on Tuesday, October 10th. Finally, Cowen and Company set a $51.00 target price on shares of Alcoa Corp. and gave the stock a hold rating in a research report on Wednesday, October 11th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Alcoa Corp. has a consensus rating of Buy and an average price target of $49.88.
Shares of Alcoa Corp. (NYSE AA) traded down $1.08 during trading on Friday, reaching $45.89. 3,299,280 shares of the company’s stock were exchanged, compared to its average volume of 3,540,000. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17. The stock has a market cap of $8,490.00 and a P/E ratio of 22.41. Alcoa Corp. has a fifty-two week low of $24.30 and a fifty-two week high of $50.31.
Alcoa Corp. (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa Corp. had a net margin of 2.61% and a return on equity of 4.90%. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 earnings per share. sell-side analysts expect that Alcoa Corp. will post 3.15 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in shares of Alcoa Corp. by 4,113.0% in the 1st quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock worth $234,632,000 after purchasing an additional 6,658,703 shares during the period. Old Mutual Global Investors UK Ltd. lifted its stake in shares of Alcoa Corp. by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after purchasing an additional 2,816,320 shares during the period. BT Investment Management Ltd bought a new position in shares of Alcoa Corp. in the 2nd quarter worth approximately $83,380,000. Assenagon Asset Management S.A. bought a new position in shares of Alcoa Corp. in the 2nd quarter worth approximately $63,686,000. Finally, Vanguard Group Inc. lifted its stake in shares of Alcoa Corp. by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after purchasing an additional 1,885,745 shares during the period.
Alcoa Corp. Company Profile
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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