Alcoa (NYSE:AA) Lifted to Buy at Argus

Argus upgraded shares of Alcoa (NYSE:AA) from a hold rating to a buy rating in a research note published on Wednesday morning, Marketbeat.com reports. They currently have $48.00 target price on the industrial products company’s stock.

AA has been the subject of a number of other reports. UBS Group boosted their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Morgan Stanley raised their target price on shares of Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. B. Riley Financial reaffirmed a “neutral” rating and set a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. BMO Capital Markets increased their price objective on Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Finally, Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $52.00 in a research report on Tuesday, October 1st. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Alcoa has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Alcoa Trading Down 2.2 %

Shares of AA stock opened at $41.10 on Wednesday. The stock has a fifty day simple moving average of $35.97 and a two-hundred day simple moving average of $36.98. Alcoa has a 52-week low of $23.17 and a 52-week high of $45.48. The firm has a market capitalization of $7.38 billion, a PE ratio of -10.93 and a beta of 2.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.34. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.14) earnings per share. On average, analysts predict that Alcoa will post 0.29 EPS for the current fiscal year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 annualized dividend and a dividend yield of 0.97%. Alcoa’s payout ratio is currently -10.64%.

Insider Transactions at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares in the company, valued at approximately $2,423,935.93. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.08% of the company’s stock.

Institutional Trading of Alcoa

Several large investors have recently bought and sold shares of AA. New York State Teachers Retirement System lifted its position in Alcoa by 6.7% in the third quarter. New York State Teachers Retirement System now owns 164,157 shares of the industrial products company’s stock valued at $6,333,000 after buying an additional 10,257 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Alcoa by 44.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 16,642 shares of the industrial products company’s stock worth $642,000 after acquiring an additional 5,147 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Alcoa by 55.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 30,005 shares of the industrial products company’s stock worth $1,157,000 after purchasing an additional 10,726 shares during the period. Clear Harbor Asset Management LLC increased its holdings in Alcoa by 21.9% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 7,051 shares of the industrial products company’s stock valued at $272,000 after purchasing an additional 1,265 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Alcoa by 68.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,130 shares of the industrial products company’s stock valued at $352,000 after purchasing an additional 3,724 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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.