Alcoa (NYSE:AA) Price Target Raised to $58.00 at Bank of America

Alcoa (NYSE:AA) had its price objective hoisted by Bank of America to $58.00 in a report released on Thursday morning,Stock Target Advisor reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Several other brokerages have also recently weighed in on AA. Wolfe Research raised Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price for the company in a research note on Wednesday, September 4th. Argus raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 23rd. Morgan Stanley increased their target price on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. lifted their price target on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, UBS Group increased their price objective on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.25.

Alcoa Stock Up 1.2 %

AA stock opened at $46.43 on Thursday. The firm’s 50-day moving average is $41.70 and its two-hundred day moving average is $38.24. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of -26.39, a price-to-earnings-growth ratio of 0.92 and a beta of 2.42. Alcoa has a 52 week low of $23.80 and a 52 week high of $47.77. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.14) earnings per share. On average, analysts forecast that Alcoa will post 0.9 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Tuesday, October 29th. Alcoa’s dividend payout ratio is currently -22.73%.

Insider Buying and Selling at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares in the company, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AA. Fifth Third Bancorp increased its stake in shares of Alcoa by 15.1% during the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 309 shares during the last quarter. Blue Trust Inc. grew its holdings in Alcoa by 12.0% during the third quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 344 shares during the last quarter. CreativeOne Wealth LLC raised its position in shares of Alcoa by 4.1% in the third quarter. CreativeOne Wealth LLC now owns 9,114 shares of the industrial products company’s stock valued at $352,000 after purchasing an additional 360 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Alcoa by 1.4% in the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 368 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its holdings in shares of Alcoa by 15.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 3,452 shares of the industrial products company’s stock worth $133,000 after buying an additional 459 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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.