Alcoa (NYSE:AA) PT Raised to $46.00 at Bank of America

Alcoa (NYSE:AA) had its price objective boosted by equities researchers at Bank of America from $40.00 to $46.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s target price suggests a potential upside of 18.50% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Citigroup boosted their price target on shares of Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. BMO Capital Markets lifted their price target on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Jefferies Financial Group increased their price objective on Alcoa from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Morgan Stanley upgraded Alcoa from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $36.50 to $50.00 in a research note on Friday, June 21st. Finally, StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.33.

Alcoa Price Performance

AA stock opened at $38.82 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.61 and a quick ratio of 0.93. The company’s 50-day moving average is $39.47 and its 200-day moving average is $33.70. The stock has a market capitalization of $6.97 billion, a PE ratio of -10.32 and a beta of 2.46. Alcoa has a 1 year low of $23.07 and a 1 year high of $45.48.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned ($0.23) EPS. The company’s revenue was down 2.7% on a year-over-year basis. Equities research analysts expect that Alcoa will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Alcoa

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. L1 Capital Pty Ltd purchased a new stake in Alcoa during the first quarter valued at approximately $72,658,000. Norges Bank bought a new position in Alcoa in the 4th quarter worth $45,730,000. Dimensional Fund Advisors LP lifted its position in Alcoa by 34.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock valued at $146,626,000 after purchasing an additional 1,104,423 shares in the last quarter. ARGA Investment Management LP grew its holdings in Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after purchasing an additional 997,912 shares during the period. Finally, Raymond James & Associates increased its position in Alcoa by 3,731.1% in the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock worth $27,190,000 after buying an additional 778,831 shares in the last quarter.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.