Alcoa Corp. (AA) Receives Outperform Rating from BMO Capital Markets

Alcoa Corp. (NYSE:AA)‘s stock had its “outperform” rating reissued by stock analysts at BMO Capital Markets in a research report issued on Wednesday. They presently have a $60.00 price objective on the industrial products company’s stock, up from their prior price objective of $45.00. BMO Capital Markets’ price target indicates a potential upside of 33.33% from the company’s previous close.

Other analysts have also recently issued reports about the company. Clarkson Capital reiterated a “buy” rating on shares of Alcoa Corp. in a report on Thursday, July 20th. Deutsche Bank AG upgraded Alcoa Corp. from a “hold” rating to a “buy” rating and upped their target price for the company from $4.00 to $60.00 in a report on Tuesday. Zacks Investment Research cut Alcoa Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley reiterated an “overweight” rating on shares of Alcoa Corp. in a report on Friday, July 21st. Finally, Credit Suisse Group began coverage on Alcoa Corp. in a report on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $43.50.

Alcoa Corp. (AA) opened at 45.00 on Wednesday. The company’s 50-day moving average is $43.60 and its 200 day moving average is $36.81. The company has a market cap of $8.30 billion and a price-to-earnings ratio of 51.19. Alcoa Corp. has a 1-year low of $20.00 and a 1-year high of $45.20.

Alcoa Corp. (NYSE:AA) last released its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The firm’s revenue was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Alcoa Corp. will post $2.88 EPS for the current fiscal year.

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Several large investors have recently modified their holdings of the company. WINTON GROUP Ltd raised its position in shares of Alcoa Corp. by 55.5% during the second quarter. WINTON GROUP Ltd now owns 33,950 shares of the industrial products company’s stock worth $1,108,000 after purchasing an additional 12,111 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Alcoa Corp. by 26.7% during the second quarter. Public Employees Retirement System of Ohio now owns 74,910 shares of the industrial products company’s stock worth $2,446,000 after purchasing an additional 15,790 shares during the period. BW Gestao de Investimentos Ltda. acquired a new position in shares of Alcoa Corp. during the second quarter worth approximately $11,846,000. California State Teachers Retirement System raised its position in shares of Alcoa Corp. by 13.7% during the second quarter. California State Teachers Retirement System now owns 341,520 shares of the industrial products company’s stock worth $11,151,000 after purchasing an additional 41,261 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Alcoa Corp. by 0.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 35,996 shares of the industrial products company’s stock worth $1,175,000 after purchasing an additional 104 shares during the period.

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.

Analyst Recommendations for Alcoa Corp. (NYSE:AA)

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