Alcoa (NYSE:AA) Stock Price Expected to Rise, Bank of America Analyst Says

Alcoa (NYSE:AA) had its target price raised by research analysts at Bank of America to $58.00 in a research note issued on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 24.87% from the company’s previous close.

AA has been the subject of several other reports. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, October 23rd. B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Alcoa presently has a consensus rating of “Moderate Buy” and an average target price of $45.25.

Alcoa Stock Up 1.2 %

AA stock opened at $46.45 on Thursday. The company’s 50 day moving average is $41.44 and its 200 day moving average is $38.20. The stock has a market cap of $12.00 billion, a price-to-earnings ratio of -26.38, a price-to-earnings-growth ratio of 0.92 and a beta of 2.42. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. Alcoa has a 1-year low of $23.80 and a 1-year high of $47.77.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the business earned ($1.14) earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts predict that Alcoa will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the business’s stock in a transaction 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 owns 57,317 shares of the company’s stock, valued at $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alcoa

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AA. ING Groep NV bought a new stake in Alcoa during the third quarter valued at about $10,201,000. Douglas Lane & Associates LLC raised its stake in Alcoa by 2.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock valued at $54,859,000 after purchasing an additional 27,217 shares during the period. Aigen Investment Management LP lifted its holdings in Alcoa by 73.0% in the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock worth $1,422,000 after purchasing an additional 15,546 shares in the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in Alcoa in the 2nd quarter worth approximately $706,000. Finally, Van ECK Associates Corp grew its holdings in Alcoa by 43.4% during the 3rd quarter. Van ECK Associates Corp now owns 271,276 shares of the industrial products company’s stock valued at $11,361,000 after buying an additional 82,073 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

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.