Alcoa Corp. (NYSE:AA) Earns Buy Rating from Citigroup Inc.

Citigroup Inc. reiterated their buy rating on shares of Alcoa Corp. (NYSE:AA) in a research note published on Saturday, July 22nd. The brokerage currently has a $45.00 price target on the industrial products company’s stock.

AA has been the topic of several other reports. Zacks Investment Research raised shares of Alcoa Corp. from a hold rating to a buy rating and set a $38.00 target price on the stock in a research note on Tuesday, April 11th. BMO Capital Markets raised shares of Alcoa Corp. from a market perform rating to an outperform rating and lifted their target price for the stock from $35.00 to $45.00 in a research note on Friday, March 31st. Morgan Stanley downgraded shares of Alcoa Corp. from a top pick rating to a buy rating and lifted their target price for the stock from $43.00 to $47.00 in a research note on Tuesday, June 27th. They noted that the move was a valuation call. Deutsche Bank AG reiterated a hold rating and issued a $44.00 price target (up previously from $37.00) on shares of Alcoa Corp. in a report on Sunday, June 25th. Finally, ING Group upgraded shares of Alcoa Corp. to a buy rating in a report on Friday, June 23rd. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Alcoa Corp. presently has an average rating of Buy and a consensus price target of $39.00.

Shares of Alcoa Corp. (NYSE:AA) opened at 38.62 on Friday. The stock has a 50 day moving average of $35.15 and a 200-day moving average of $34.35. Alcoa Corp. has a 1-year low of $20.00 and a 1-year high of $40.36. The company has a market capitalization of $7.12 billion and a price-to-earnings ratio of 43.59. Alcoa Corp. also saw unusually large options trading activity on Tuesday. Stock investors bought 20,670 call options on the stock. This is an increase of 456% compared to the average volume of 3,715 call options.

Alcoa Corp. (NYSE:AA) last issued its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the firm earned $0.15 earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. Analysts forecast that Alcoa Corp. will post $2.80 earnings per share for the current year.

WARNING: “[[title]]” was first posted by [[site]] and is the sole property of of [[site]]. If you are reading this news story on another website, it was illegally stolen and reposted in violation of US and international copyright laws. The legal version of this news story can be accessed at [[permalink]].

A number of institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC boosted its position in shares of Alcoa Corp. by 16.3% in the first quarter. Private Advisor Group LLC now owns 9,225 shares of the industrial products company’s stock worth $312,000 after buying an additional 1,294 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Alcoa Corp. by 21.2% in the first quarter. Nordea Investment Management AB now owns 25,648 shares of the industrial products company’s stock worth $882,000 after buying an additional 4,494 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Alcoa Corp. by 3.3% in the first quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock worth $142,000 after buying an additional 132 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of Alcoa Corp. during the first quarter worth about $1,262,000. Finally, Oxford Asset Management purchased a new position in shares of Alcoa Corp. during the first quarter worth about $499,000.

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.