Alcoa (NYSE:AA) Price Target Cut to $62.00 by Analysts at Freedom Broker

Alcoa (NYSE:AA) had its price target dropped by investment analysts at Freedom Broker from $76.00 to $62.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s target price points to a potential upside of 51.85% from the company’s previous close.

A number of other equities analysts also recently commented on AA. Wells Fargo & Company restated an “overweight” rating on shares of Alcoa in a report on Friday. Barclays started coverage on shares of Alcoa in a research note on Wednesday, October 14th. They issued an “overweight” rating and a $55.00 target price for the company. Morgan Stanley decreased their target price on shares of Alcoa from $53.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. B. Riley Financial dropped their price target on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, UBS Group cut their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and a consensus price target of $61.08.

Alcoa Stock Down 2.0%

AA stock traded down $0.84 during mid-day trading on Tuesday, hitting $40.83. The stock had a trading volume of 1,760,021 shares, compared to its average volume of 5,870,812. The company has a current ratio of 2.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.58. Alcoa has a 1-year low of $35.12 and a 1-year high of $84.38. The company has a fifty day moving average of $46.72 and a 200 day moving average of $55.82. The stock has a market capitalization of $10.78 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 0.51 and a beta of 1.74.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.31. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.77 billion. Alcoa had a return on equity of 24.58% and a net margin of 10.77%. The firm’s revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 EPS. On average, equities analysts expect that Alcoa will post 6.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alcoa news, EVP Renato Bacchi sold 700 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the transaction, the executive vice president owned 74,930 shares of the company’s stock, valued at $3,822,928.60. The trade was a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tammi Jones sold 15,628 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the sale, the executive vice president owned 39,819 shares of the company’s stock, valued at $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Hedge Funds Weigh In On Alcoa

Several large investors have recently made changes to their positions in AA. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Alcoa during the 2nd quarter worth about $25,000. Caitong International Asset Management Co. Ltd raised its position in shares of Alcoa by 5,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 581 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Alcoa in the 1st quarter valued at approximately $35,000. Orion Capital Management LLC bought a new position in Alcoa during the 2nd quarter worth approximately $52,000. Finally, Costello Asset Management INC bought a new position in Alcoa during the 1st quarter worth approximately $53,000.

Alcoa Company Profile

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.