Alcoa (AA) Sets New 52-Week Low After Analyst Downgrade
Alcoa Corp (NYSE:AA) shares reached a new 52-week low during mid-day trading on Monday after Citigroup lowered their price target on the stock from $53.00 to $33.00. Citigroup currently has a neutral rating on the stock. Alcoa traded as low as $32.36 and last traded at $32.37, with a volume of 2435549 shares. The stock had previously closed at $35.95.
Other analysts have also issued reports about the company. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a research note on Tuesday, September 25th. Credit Suisse Group lowered their target price on Alcoa from $69.00 to $65.00 and set an “outperform” rating for the company in a research note on Thursday, July 19th. Morgan Stanley lowered their target price on Alcoa from $60.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, July 23rd. ValuEngine lowered Alcoa from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. Finally, BMO Capital Markets lowered their target price on Alcoa from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Thursday, July 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $60.07.
Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new position in Alcoa during the second quarter worth about $105,000. Quad Cities Investment Group LLC bought a new position in Alcoa during the second quarter worth about $112,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Alcoa by 104.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,931 shares of the industrial products company’s stock worth $159,000 after buying an additional 2,010 shares during the last quarter. Hartford Investment Management Co. bought a new position in Alcoa during the second quarter worth about $206,000. Finally, Point72 Hong Kong Ltd boosted its holdings in Alcoa by 414.8% during the third quarter. Point72 Hong Kong Ltd now owns 5,112 shares of the industrial products company’s stock worth $207,000 after buying an additional 4,119 shares during the last quarter.
Alcoa (NYSE:AA) last issued its earnings results on Wednesday, October 17th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.27. Alcoa had a positive return on equity of 10.38% and a negative net margin of 0.09%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter last year, the business earned $0.72 earnings per share. The company’s revenue was up 14.4% compared to the same quarter last year. As a group, equities analysts forecast that Alcoa Corp will post 3.72 earnings per share for the current fiscal year.
Alcoa declared that its board has authorized a stock buyback plan on Wednesday, October 17th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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About Alcoa (NYSE:AA)
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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