Alcoa Inc. (AA) Upgraded at Zacks Investment Research
Alcoa Inc. (NYSE:AA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $11.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 8.70% from the company’s current price.
According to Zacks, “Estimates for Alcoa have been stable lately ahead of its third-quarter 2016 earnings release. The company has a positive record of earnings surprises in recent quarters. Alcoa remains on track to complete its business separation. The company should gain from its aggressive cost-cutting and productivity actions. Favorable demand trends across aerospace and automotive markets and recent major contract wins (including Embraer and Boeing deals) are also expected to support its results.”
A number of other research analysts also recently issued reports on the stock. Morgan Stanley reiterated a “buy” rating and issued a $12.00 price target on shares of Alcoa in a research note on Tuesday, August 16th. Credit Suisse Group AG restated a “buy” rating on shares of Alcoa in a research report on Tuesday, July 12th. Berenberg Bank restated a “hold” rating and set a $9.00 price objective on shares of Alcoa in a research report on Thursday, June 30th. Bank of America Corp. restated a “buy” rating on shares of Alcoa in a research report on Friday, June 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $15.00 price objective on shares of Alcoa in a research report on Friday, July 15th. Nine investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $11.10.
Alcoa (NYSE:AA) traded up 0.30% during mid-day trading on Tuesday, reaching $10.15. 17,651,620 shares of the company traded hands. The stock’s 50 day moving average price is $9.97 and its 200 day moving average price is $9.93. Alcoa has a 52 week low of $6.14 and a 52 week high of $11.50. The firm’s market capitalization is $13.35 billion.
Alcoa (NYSE:AA) last issued its quarterly earnings results on Monday, July 11th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.06. Alcoa had a negative net margin of 1.45% and a positive return on equity of 3.44%. The company earned $5.30 billion during the quarter. During the same quarter in the prior year, the firm earned $0.19 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. Equities analysts forecast that Alcoa will post $0.44 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 4th will be given a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a dividend yield of 1.19%. Alcoa’s dividend payout ratio is presently -42.86%.
In other Alcoa news, Director Ulrich Schmidt acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The shares were acquired at an average cost of $10.40 per share, for a total transaction of $52,000.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $104,000. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Large investors have recently added to or reduced their stakes in the company. M&T Bank Corp raised its stake in Alcoa by 89.6% in the first quarter. M&T Bank Corp now owns 91,300 shares of the company’s stock valued at $875,000 after buying an additional 43,139 shares in the last quarter. Brookfield Asset Management Inc. raised its stake in Alcoa by 6.0% in the first quarter. Brookfield Asset Management Inc. now owns 33,322 shares of the company’s stock valued at $319,000 after buying an additional 1,900 shares in the last quarter. Shufro Rose & Co. LLC raised its stake in Alcoa by 11.8% in the first quarter. Shufro Rose & Co. LLC now owns 1,210,722 shares of the company’s stock valued at $11,599,000 after buying an additional 128,268 shares in the last quarter. Canandaigua National Bank & Trust Co. acquired a new stake in Alcoa during the first quarter valued at approximately $122,000. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Alcoa during the first quarter valued at approximately $823,000.
Alcoa Company Profile
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Alcoa Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa Inc. and related companies with MarketBeat.com's FREE daily email newsletter.