Bank of America Increases Alcoa (NYSE:AA) Price Target to $46.00

Alcoa (NYSE:AA) had its price target lifted by Bank of America from $40.00 to $46.00 in a research report report published on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group boosted their price objective on shares of Alcoa from $45.00 to $48.00 and gave the stock a buy rating in a report on Thursday, April 18th. Citigroup increased their price target on Alcoa from $32.00 to $50.00 and gave the company a buy rating in a report on Tuesday, May 21st. B. Riley raised their price objective on Alcoa from $25.00 to $31.00 and gave the company a neutral rating in a research note on Thursday, April 18th. UBS Group upped their target price on Alcoa from $27.00 to $32.00 and gave the company a sell rating in a research report on Friday, April 19th. Finally, Morgan Stanley raised shares of Alcoa from an equal weight rating to an overweight rating and raised their price target for the stock from $36.50 to $50.00 in a research report on Friday, June 21st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $37.33.

Alcoa Stock Performance

Shares of NYSE:AA opened at $39.78 on Wednesday. The business’s 50-day simple moving average is $39.55 and its 200 day simple moving average is $33.81. The company has a market cap of $7.14 billion, a P/E ratio of -10.58 and a beta of 2.46. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.93 and a current ratio of 1.61. Alcoa has a one year low of $23.07 and a one year high of $45.48.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) EPS. On average, sell-side analysts forecast that Alcoa will post 0.54 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Tuesday, May 21st were issued a dividend of $0.10 per share. The ex-dividend date was Monday, May 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.01%. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Hedge Funds Weigh In On Alcoa

Large investors have recently bought and sold shares of the business. Kestra Advisory Services LLC lifted its position in Alcoa by 31.5% in the 3rd quarter. Kestra Advisory Services LLC now owns 12,989 shares of the industrial products company’s stock valued at $377,000 after purchasing an additional 3,113 shares during the last quarter. Mariner LLC boosted its position in shares of Alcoa by 3.6% during the third quarter. Mariner LLC now owns 32,193 shares of the industrial products company’s stock worth $935,000 after buying an additional 1,116 shares during the period. Teza Capital Management LLC acquired a new position in shares of Alcoa during the third quarter worth approximately $363,000. Sherbrooke Park Advisers LLC bought a new position in Alcoa in the 3rd quarter worth approximately $689,000. Finally, United Services Automobile Association increased its position in Alcoa by 10.2% in the 3rd quarter. United Services Automobile Association now owns 12,573 shares of the industrial products company’s stock valued at $365,000 after acquiring an additional 1,167 shares during the period.

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.