Alcoa (NYSE:AA) Given New $55.00 Price Target at Argus

Alcoa (NYSE:AA) had its target price decreased by research analysts at Argus from $73.00 to $55.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Argus’ price target suggests a potential upside of 24.34% from the stock’s current price.

Several other research analysts have also commented on AA. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a report on Wednesday, July 1st. Wells Fargo & Company dropped their price objective on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. B. Riley Financial cut their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their target price on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Finally, Zacks Research lowered Alcoa from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.09.

Alcoa Stock Performance

Shares of AA opened at $44.23 on Wednesday. The business’s fifty day moving average price is $60.80 and its 200 day moving average price is $62.38. Alcoa has a 12-month low of $28.11 and a 12-month high of $84.38. The stock has a market capitalization of $11.67 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 0.48 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same period in the prior year, the firm earned $0.39 EPS. Equities research analysts forecast that Alcoa will post 6.72 EPS for the current year.

Institutional Investors Weigh In On Alcoa

Large investors have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. boosted its position in shares of Alcoa by 4.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,373 shares of the industrial products company’s stock worth $332,000 after buying an additional 282 shares during the period. Gateway Investment Advisers LLC boosted its position in Alcoa by 28.6% during the 2nd quarter. Gateway Investment Advisers LLC now owns 28,446 shares of the industrial products company’s stock worth $1,483,000 after acquiring an additional 6,326 shares during the period. Mission Wealth Management LP acquired a new position in Alcoa during the 2nd quarter worth $260,000. Handelsbanken Fonder AB grew its stake in shares of Alcoa by 51.9% in the second quarter. Handelsbanken Fonder AB now owns 57,100 shares of the industrial products company’s stock worth $2,977,000 after purchasing an additional 19,500 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Alcoa by 12.3% during the second quarter. GAMMA Investing LLC now owns 6,206 shares of the industrial products company’s stock valued at $324,000 after purchasing an additional 678 shares during the period.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.