Alcoa Corp. (NYSE:AA) shares hit a new 52-week high during trading on Monday . The stock traded as high as $45.04 and last traded at $45.04, with a volume of 3,376,275 shares. The stock had previously closed at $43.88.

AA has been the subject of several research analyst reports. ING Group raised Alcoa Corp. to a “buy” rating in a research note on Friday, June 23rd. BMO Capital Markets reissued a “buy” rating and set a $45.00 target price on shares of Alcoa Corp. in a research note on Friday, June 2nd. Clarkson Capital initiated coverage on Alcoa Corp. in a research note on Monday, May 22nd. They set a “buy” rating and a $43.00 target price for the company. Citigroup Inc. restated a “buy” rating and set a $45.00 price target on shares of Alcoa Corp. in a report on Friday, May 19th. Finally, Morgan Stanley cut Alcoa Corp. from a “top pick” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $47.00 in a report on Tuesday, June 27th. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $39.00.

The company’s 50 day moving average is $38.80 and its 200 day moving average is $34.74. The company has a market cap of $8.19 billion and a price-to-earnings ratio of 50.53.

Alcoa Corp. (NYSE:AA) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the company earned $0.15 EPS. Alcoa Corp.’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Alcoa Corp. will post $2.86 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Alcoa Corp. by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after buying an additional 1,885,745 shares during the last quarter. Elliott Management Corp grew its position in shares of Alcoa Corp. by 14.7% in the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock worth $383,228,000 after buying an additional 1,500,000 shares during the last quarter. Balyasny Asset Management LLC grew its position in shares of Alcoa Corp. by 22.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock worth $256,262,000 after buying an additional 1,458,488 shares during the last quarter. BlackRock Inc. grew its position in shares of Alcoa Corp. by 14.1% in the 2nd quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock worth $253,986,000 after buying an additional 958,494 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. grew its position in shares of Alcoa Corp. by 163.5% in the 2nd 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 during the last quarter.

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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.