Alcoa (NYSE:AA) Price Target Raised to $58.00

Alcoa (NYSE:AA) had its price objective lifted by Bank of America to $58.00 in a report released on Friday morning,Stock Target Advisor reports. They currently have a buy rating on the industrial products company’s stock.

A number of other analysts have also recently commented on AA. Jefferies Financial Group dropped their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 6th. BMO Capital Markets upped their price objective on shares of Alcoa to $43.00 and gave the stock a “hold” rating in a report on Friday, January 17th. B. Riley upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and lifted their target price for the company from $41.00 to $50.00 in a report on Thursday, October 17th. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, October 23rd. Finally, Morgan Stanley lifted their price objective on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Alcoa has a consensus rating of “Moderate Buy” and a consensus price target of $46.36.

Alcoa Trading Down 0.1 %

Shares of AA opened at $37.33 on Friday. Alcoa has a 1-year low of $24.86 and a 1-year high of $47.77. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. The firm’s 50-day moving average price is $40.33 and its 200-day moving average price is $37.64. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of -233.28, a PEG ratio of 0.16 and a beta of 2.47.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.13. Alcoa had a return on equity of 5.48% and a net margin of 0.50%. Sell-side analysts anticipate that Alcoa will post 4.27 EPS for the current year.

Hedge Funds Weigh In On Alcoa

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mountaineer Partners Management LLC boosted its stake in shares of Alcoa by 4,023.0% in the 3rd quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock worth $416,505,000 after buying an additional 10,534,036 shares during the last quarter. State Street Corp boosted its position in Alcoa by 23.3% in the third quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock worth $368,965,000 after purchasing an additional 1,805,915 shares during the last quarter. Paloma Partners Management Co grew its stake in shares of Alcoa by 11,317.8% during the 3rd quarter. Paloma Partners Management Co now owns 1,427,799 shares of the industrial products company’s stock valued at $55,084,000 after purchasing an additional 1,415,294 shares during the period. Geode Capital Management LLC increased its position in shares of Alcoa by 42.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock valued at $161,838,000 after purchasing an additional 1,239,479 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. bought a new position in shares of Alcoa in the 3rd quarter worth approximately $36,165,000.

About Alcoa

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.