Alcoa (NYSE:AA) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Alcoa (NYSE:AA) from a peer perform rating to an outperform rating in a report published on Wednesday morning, Marketbeat Ratings reports. Wolfe Research currently has $36.00 price target on the industrial products company’s stock.

Other analysts also recently issued research reports about the stock. Bank of America decreased their price objective on shares of Alcoa from $46.00 to $43.00 and set a neutral rating for the company in a report on Thursday, July 18th. Citigroup upped their price target on shares of Alcoa from $32.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, May 21st. Morgan Stanley cut their price target on shares of Alcoa from $50.00 to $48.00 and set an overweight rating on the stock in a report on Monday, July 22nd. UBS Group raised shares of Alcoa from a sell rating to a buy rating and boosted their price objective for the stock from $32.00 to $38.00 in a research note on Monday, August 12th. Finally, StockNews.com upgraded shares of Alcoa from a sell rating to a hold rating in a report on Thursday, July 18th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Alcoa has an average rating of Hold and an average target price of $39.09.

Alcoa Stock Down 5.7 %

Alcoa stock opened at $28.53 on Wednesday. Alcoa has a 1-year low of $23.07 and a 1-year high of $45.48. The company has a market cap of $5.12 billion, a P/E ratio of -7.59 and a beta of 2.42. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $34.18 and a 200 day simple moving average of $35.35.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the firm posted ($0.35) earnings per share. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. Research analysts anticipate that Alcoa will post 0.7 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Monday, August 12th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.40%. Alcoa’s payout ratio is -10.64%.

Hedge Funds Weigh In On Alcoa

Hedge funds have recently made changes to their positions in the business. CWM LLC boosted its stake in Alcoa by 39.4% during the 4th quarter. CWM LLC now owns 2,723 shares of the industrial products company’s stock valued at $93,000 after purchasing an additional 769 shares during the period. Victory Capital Management Inc. lifted its position in Alcoa by 44.1% during the 4th quarter. Victory Capital Management Inc. now owns 426,793 shares of the industrial products company’s stock worth $14,511,000 after acquiring an additional 130,660 shares during the last quarter. M&T Bank Corp boosted its holdings in Alcoa by 22.9% in the 4th quarter. M&T Bank Corp now owns 11,518 shares of the industrial products company’s stock valued at $391,000 after purchasing an additional 2,146 shares during the period. National Bank of Canada FI increased its position in shares of Alcoa by 33.5% during the fourth quarter. National Bank of Canada FI now owns 122,853 shares of the industrial products company’s stock valued at $4,091,000 after purchasing an additional 30,844 shares during the period. Finally, Private Advisor Group LLC acquired a new position in Alcoa in the fourth quarter worth about $247,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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.