Alcoa (NYSE:AA) Upgraded by Bank of America to Buy

Alcoa (NYSE:AA) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, FinViz reports. The firm currently has a $52.00 price target on the industrial products company’s stock, up from their previous price target of $43.00. Bank of America‘s price target points to a potential upside of 34.82% from the stock’s current price.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. assumed coverage on Alcoa in a research report on Wednesday, September 25th. They issued a “neutral” rating and a $36.00 price objective on the stock. B. Riley Financial reissued a “neutral” rating and set a $41.00 price target on shares of Alcoa in a research report on Tuesday, September 17th. StockNews.com downgraded shares of Alcoa from a “hold” rating to a “sell” rating in a research report on Tuesday. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research report on Wednesday, September 4th. Finally, Morgan Stanley lowered their price target on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.64.

Alcoa Stock Performance

Shares of NYSE:AA opened at $38.57 on Tuesday. The business has a 50-day moving average of $32.59 and a two-hundred day moving average of $36.07. The firm has a market capitalization of $6.93 billion, a PE ratio of -10.26 and a beta of 2.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92. Alcoa has a 12 month low of $23.07 and a 12 month high of $45.48.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the firm earned ($0.35) earnings per share. Alcoa’s revenue for the quarter was up 8.3% on a year-over-year basis. As a group, research analysts forecast that Alcoa will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On Alcoa

A number of hedge funds have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Alcoa during the second quarter worth $296,000. Newbridge Financial Services Group Inc. bought a new position in shares of Alcoa in the 2nd quarter worth about $27,000. Sanctuary Advisors LLC bought a new position in shares of Alcoa in the 2nd quarter worth about $304,000. Senator Investment Group LP acquired a new position in shares of Alcoa in the 2nd quarter valued at about $8,610,000. Finally, William B. Walkup & Associates Inc. bought a new stake in shares of Alcoa during the 2nd quarter valued at about $102,000. 82.39% of the stock is currently owned by institutional investors and hedge funds.

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.