Bank of America Forecasts Strong Price Appreciation for Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA) had its target price boosted by Bank of America to $58.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target indicates a potential upside of 55.39% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Argus raised Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 23rd. B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and upped their target price for the company from $41.00 to $50.00 in a report on Thursday, October 17th. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Jefferies Financial Group reduced their price objective on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Morgan Stanley boosted their price target on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Alcoa has a consensus rating of “Moderate Buy” and a consensus target price of $46.36.

Alcoa Trading Down 0.1 %

Shares of Alcoa stock opened at $37.33 on Friday. The business has a fifty day simple moving average of $40.33 and a 200-day simple moving average of $37.64. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of -233.28, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47. Alcoa has a fifty-two week low of $24.86 and a fifty-two week high of $47.77. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.48%. On average, equities analysts forecast that Alcoa will post 4.27 EPS for the current fiscal year.

Institutional Trading of Alcoa

A number of institutional investors have recently bought and sold shares of AA. Newbridge Financial Services Group Inc. acquired a new stake in shares of Alcoa during the 2nd quarter valued at about $27,000. UMB Bank n.a. lifted its stake in Alcoa by 481.7% in the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 631 shares during the last quarter. Quarry LP bought a new stake in Alcoa in the third quarter worth approximately $43,000. Continuum Advisory LLC increased its stake in shares of Alcoa by 1,945.5% during the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 1,070 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Alcoa by 399.0% during the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 1,157 shares in the last quarter.

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.