Bank of America Corp. Downgrades Alcoa Inc. (AA) to Neutral
Alcoa Inc. (NYSE:AA) was downgraded by equities researchers at Bank of America Corp. from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday.
Other analysts have also recently issued reports about the company. Credit Suisse Group AG set a $39.00 price objective on Alcoa and gave the company a “buy” rating in a research report on Saturday, October 8th. Cowen and Company reaffirmed a “hold” rating on shares of Alcoa in a research report on Tuesday, July 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $12.00 price objective (up from $11.00) on shares of Alcoa in a research report on Thursday, June 30th. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price target on shares of Alcoa in a research report on Wednesday, June 15th. Finally, Argus reissued a “hold” rating on shares of Alcoa in a research report on Friday, July 15th. Ten research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Alcoa has a consensus rating of “Buy” and an average target price of $16.83.
Shares of Alcoa (NYSE:AA) opened at 27.11 on Tuesday. The company’s 50 day moving average price is $29.71 and its 200-day moving average price is $29.83. The stock’s market capitalization is $11.89 billion. Alcoa has a 12 month low of $18.42 and a 12 month high of $34.50.
Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.21. The company had revenue of $5.21 billion for the quarter. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 earnings per share. Equities analysts predict that Alcoa will post $0.44 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be paid a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. Alcoa’s dividend payout ratio is presently -63.15%.
In related news, Director Ulrich Schmidt bought 5,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was acquired at an average cost of $10.40 per share, for a total transaction of $52,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $104,000. The acquisition was disclosed in a filing with the SEC, which is available through this link.
Several large investors have recently modified their holdings of the stock. Canandaigua National Bank & Trust Co. increased its stake in shares of Alcoa by 0.3% in the third quarter. Canandaigua National Bank & Trust Co. now owns 26,223 shares of the company’s stock worth $266,000 after buying an additional 79 shares during the last quarter. Patten & Patten Inc. TN increased its stake in shares of Alcoa by 46.1% in the third quarter. Patten & Patten Inc. TN now owns 187,177 shares of the company’s stock worth $1,898,000 after buying an additional 59,050 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Alcoa by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 174,582 shares of the company’s stock worth $1,770,000 after buying an additional 1,618 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Alcoa by 1.4% in the third quarter. Capstone Asset Management Co. now owns 199,869 shares of the company’s stock worth $2,027,000 after buying an additional 2,802 shares during the last quarter. Finally, British Columbia Investment Management Corp increased its stake in shares of Alcoa by 9.8% in the third quarter. British Columbia Investment Management Corp now owns 556,317 shares of the company’s stock worth $5,641,000 after buying an additional 49,809 shares during the last quarter.
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.
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