Citigroup Inc. reiterated their buy rating on shares of Alcoa Corp. (NYSE:AA) in a research note published on Saturday, July 22nd. They currently have a $45.00 price objective on the industrial products company’s stock.
A number of other equities analysts also recently weighed in on the company. Zacks Investment Research downgraded Alcoa Corp. from a buy rating to a hold rating in a research report on Wednesday, April 12th. Berenberg Bank upgraded Alcoa Corp. from a hold rating to a buy rating and boosted their price objective for the stock from $27.00 to $40.00 in a report on Friday, March 24th. ING Group upgraded Alcoa Corp. to a buy rating in a report on Friday, June 23rd. Morgan Stanley reiterated an overweight rating on shares of Alcoa Corp. in a research note on Friday, July 21st. Finally, Cowen and Company boosted their price target on Alcoa Corp. from $29.00 to $35.00 and gave the company an outperform rating in a research note on Wednesday, April 19th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $39.00.
Alcoa Corp. (NYSE AA) traded down 3.65% during midday trading on Friday, reaching $37.80. The company’s stock had a trading volume of 3,298,863 shares. The firm has a market capitalization of $6.97 billion and a PE ratio of 43.00. Alcoa Corp. has a 52 week low of $20.00 and a 52 week high of $40.36. The stock has a 50 day moving average of $36.32 and a 200 day moving average of $34.41.
Alcoa Corp. (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The business’s revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, equities research analysts predict that Alcoa Corp. will post $2.84 earnings per share for the current fiscal year.
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Several large investors have recently modified their holdings of AA. BlackRock Inc. raised its stake in shares of Alcoa Corp. by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after buying an additional 6,658,703 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its position in Alcoa Corp. by 163.5% in the second 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 buying an additional 2,816,320 shares in the last quarter. BT Investment Management Ltd acquired a new position in Alcoa Corp. during the second quarter worth $83,380,000. JPMorgan Chase & Co. raised its position in Alcoa Corp. by 192.6% in the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock worth $133,111,000 after buying an additional 2,547,180 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Alcoa Corp. during the second quarter worth $63,686,000.
About Alcoa Corp.
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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