Zacks Research Downgrades Alcoa (NYSE:AA) to Hold

Alcoa (NYSE:AA) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. B. Riley Financial upped their target price on Alcoa from $78.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. UBS Group increased their price target on Alcoa from $48.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Argus set a $73.00 price target on Alcoa in a report on Monday, April 27th. Finally, Citigroup boosted their price target on Alcoa from $54.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Alcoa has a consensus rating of “Hold” and an average price target of $64.27.

Alcoa Trading Up 1.2%

AA opened at $68.42 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average is $65.28 and its two-hundred day moving average is $56.24. The company has a market capitalization of $18.05 billion, a P/E ratio of 17.32 and a beta of 1.51. Alcoa has a 52 week low of $25.83 and a 52 week high of $75.70.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the firm earned $2.15 earnings per share. Analysts forecast that Alcoa will post 7.95 earnings per share for the current year.

Hedge Funds Weigh In On Alcoa

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirabella Financial Services LLP boosted its stake in shares of Alcoa by 12,233.1% in the third quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock worth $1,318,312,000 after buying an additional 39,757,462 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Alcoa by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company’s stock valued at $615,428,000 after acquiring an additional 462,243 shares in the last quarter. State Street Corp lifted its holdings in Alcoa by 6.7% in the third quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after acquiring an additional 721,063 shares during the period. Geode Capital Management LLC lifted its holdings in Alcoa by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock valued at $389,621,000 after acquiring an additional 349,426 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Alcoa by 211.7% in the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after purchasing an additional 4,247,559 shares in the last quarter.

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.