Citigroup Increases Alcoa (NYSE:AA) Price Target to $50.00

Alcoa (NYSE:AA) had its price objective upped by Citigroup from $32.00 to $50.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective points to a potential upside of 18.62% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets lifted their price objective on shares of Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. StockNews.com cut shares of Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Jefferies Financial Group boosted their target price on shares of Alcoa from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. UBS Group boosted their target price on shares of Alcoa from $27.00 to $32.00 and gave the stock a “sell” rating in a research note on Friday, April 19th. Finally, Morgan Stanley raised shares of Alcoa from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $28.50 to $36.50 in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.04.

Alcoa Price Performance

NYSE AA opened at $42.15 on Tuesday. The company has a fifty day moving average of $35.92 and a 200 day moving average of $31.06. Alcoa has a 1 year low of $23.07 and a 1 year high of $44.57. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.93 and a current ratio of 1.61.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. On average, research analysts anticipate that Alcoa will post 0.2 earnings per share for the current fiscal year.

Insider Activity at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total transaction of $814,685.04. Following the completion of the sale, the executive vice president now owns 41,166 shares in the company, valued at $1,267,089.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Alcoa

Institutional investors have recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its holdings in Alcoa by 1.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 26,485 shares of the industrial products company’s stock worth $900,000 after purchasing an additional 338 shares during the period. Quent Capital LLC lifted its holdings in Alcoa by 64.2% in the fourth quarter. Quent Capital LLC now owns 990 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 387 shares during the period. Diversified Trust Co lifted its holdings in Alcoa by 5.7% in the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 416 shares during the period. Raymond James & Associates lifted its holdings in Alcoa by 2.5% in the third quarter. Raymond James & Associates now owns 20,874 shares of the industrial products company’s stock worth $607,000 after purchasing an additional 501 shares during the period. Finally, Yousif Capital Management LLC lifted its holdings in Alcoa by 0.7% in the fourth quarter. Yousif Capital Management LLC now owns 87,960 shares of the industrial products company’s stock worth $2,991,000 after purchasing an additional 574 shares during the period.

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.