Alcoa Corp (AA) Rating Reiterated by Macquarie

Alcoa Corp (NYSE:AA)‘s stock had its “buy” rating reaffirmed by equities research analysts at Macquarie in a report issued on Tuesday. They currently have a $62.00 target price on the industrial products company’s stock, up from their prior target price of $55.00. Macquarie’s price target would indicate a potential upside of 31.72% from the company’s previous close.

A number of other equities analysts have also recently weighed in on AA. Clarkson Capital reaffirmed a “buy” rating on shares of Alcoa Corp in a research report on Thursday, July 20th. BMO Capital Markets set a $45.00 price objective on shares of Alcoa Corp and gave the stock a “buy” rating in a research report on Saturday, August 5th. Citigroup Inc. reaffirmed a “buy” rating and set a $53.00 price objective on shares of Alcoa Corp in a research report on Friday, September 29th. Gabelli cut shares of Alcoa Corp from a “buy” rating to a “hold” rating and increased their price objective for the stock from $57.00 to $60.00 in a research report on Wednesday, October 4th. Finally, Credit Suisse Group assumed coverage on shares of Alcoa Corp in a research report on Wednesday, August 9th. They set a “neutral” rating and a $42.00 price objective for the company. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $46.89.

Alcoa Corp (AA) traded down 0.38% during mid-day trading on Tuesday, hitting $46.89. 2,281,120 shares of the stock traded hands. The stock has a market cap of $8.64 billion and a P/E ratio of 53.34. The stock has a 50-day moving average price of $45.92 and a 200-day moving average price of $45.92. Alcoa Corp has a 12 month low of $20.00 and a 12 month high of $49.30.

Alcoa Corp (NYSE:AA) last posted its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company posted $0.15 EPS. On average, equities analysts forecast that Alcoa Corp will post $3.00 earnings per share for the current year.

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Institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. raised its holdings in shares of Alcoa Corp by 3.3% in the 1st quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock valued at $142,000 after purchasing an additional 132 shares in the last quarter. NEXT Financial Group Inc raised its holdings in shares of Alcoa Corp by 2.4% in the 2nd quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 104 shares in the last quarter. Global X Management Co. LLC raised its holdings in shares of Alcoa Corp by 220.6% in the 2nd quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 3,993 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Alcoa Corp by 3.8% in the 2nd quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 213 shares in the last quarter. Finally, Lincoln National Corp raised its holdings in shares of Alcoa Corp by 3.9% in the 2nd quarter. Lincoln National Corp now owns 6,154 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 233 shares in the last quarter.

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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