Alcoa (NYSE:AA) Given New $37.00 Price Target at BMO Capital Markets

Alcoa (NYSE:AA) had its price objective raised by equities research analysts at BMO Capital Markets from $35.00 to $37.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the industrial products company’s stock. BMO Capital Markets’ target price indicates a potential upside of 4.85% from the company’s current price.

Several other research firms have also commented on AA. Morgan Stanley raised their price target on shares of Alcoa from $27.00 to $29.50 and gave the company an “underweight” rating in a research report on Thursday, January 18th. UBS Group began coverage on shares of Alcoa in a research report on Tuesday, January 16th. They set a “sell” rating and a $29.00 price target on the stock. Bank of America raised their price target on shares of Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, March 18th. JPMorgan Chase & Co. increased their price objective on shares of Alcoa from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Tuesday, April 9th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $31.54.

Alcoa Stock Performance

Shares of NYSE:AA traded down $0.26 during midday trading on Thursday, reaching $35.29. The company’s stock had a trading volume of 3,384,995 shares, compared to its average volume of 6,319,636. The firm has a market capitalization of $6.34 billion, a PE ratio of -9.53, a P/E/G ratio of 2.32 and a beta of 2.47. Alcoa has a twelve month low of $23.07 and a twelve month high of $42.23. The stock has a fifty day moving average of $30.81 and a 200 day moving average of $28.97. The company has a quick ratio of 0.74, a current ratio of 1.45 and a debt-to-equity ratio of 0.30.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.19). The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative net margin of 6.17% and a negative return on equity of 6.56%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) EPS. On average, equities analysts expect that Alcoa will post 0.33 EPS for the current fiscal year.

Insider Transactions at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the transaction, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Alcoa

Institutional investors have recently bought and sold shares of the company. Fairfield Bush & CO. purchased a new position in Alcoa during the first quarter worth about $29,000. Neo Ivy Capital Management purchased a new position in Alcoa during the second quarter worth about $27,000. Resurgent Financial Advisors LLC purchased a new position in Alcoa during the fourth quarter worth about $32,000. ICA Group Wealth Management LLC acquired a new stake in shares of Alcoa during the fourth quarter valued at about $36,000. Finally, Tennessee Valley Asset Management Partners acquired a new stake in shares of Alcoa during the fourth quarter valued at about $31,000.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.