Alcoa Corp. (AA) Price Target Raised to $6.00
Alcoa Corp. (NYSE:AA) had its price target boosted by research analysts at BMO Capital Markets from $4.00 to $6.00 in a report released on Wednesday, Marketbeat reports. The firm presently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price target points to a potential downside of 86.67% from the company’s previous close.
Other research analysts have also issued reports about the company. Clarkson Capital reaffirmed a “buy” rating on shares of Alcoa Corp. in a research report on Thursday, July 20th. Zacks Investment Research downgraded Alcoa Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley reiterated an “overweight” rating on shares of Alcoa Corp. in a research note on Friday, July 21st. Credit Suisse Group started coverage on Alcoa Corp. in a research note on Wednesday, August 9th. They set a “neutral” rating and a $42.00 price target on the stock. Finally, ING Group upgraded Alcoa Corp. to a “buy” rating in a research note on Friday, June 23rd. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $43.50.
Alcoa Corp. (NYSE:AA) traded down 0.22% during midday trading on Wednesday, hitting $44.90. The company had a trading volume of 2,243,344 shares. Alcoa Corp. has a 52 week low of $20.00 and a 52 week high of $45.20. The stock has a market capitalization of $8.28 billion and a PE ratio of 51.08. The stock has a 50 day moving average price of $44.30 and a 200-day moving average price of $38.31.
Alcoa Corp. (NYSE:AA) last announced its earnings results 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 for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the company posted $0.15 EPS. The firm’s quarterly 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 year.
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Several institutional investors have recently made changes to their positions in AA. BlackRock Inc. raised its holdings in shares of Alcoa Corp. by 4,113.0% during the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after acquiring an additional 6,658,703 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its holdings in shares of Alcoa Corp. by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after acquiring an additional 2,816,320 shares during the last quarter. BT Investment Management Ltd acquired a new position in shares of Alcoa Corp. during the second quarter valued at approximately $83,380,000. JPMorgan Chase & Co. raised its holdings in shares of Alcoa Corp. by 192.6% during the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock valued at $133,111,000 after acquiring an additional 2,547,180 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Alcoa Corp. during the second quarter valued at approximately $63,686,000.
Alcoa Corp. Company Profile
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.
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