Alcoa (NYSE:AA) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Alcoa (NYSE:AA) from a neutral rating to a buy rating in a research note published on Tuesday morning, MarketBeat Ratings reports. Bank of America currently has $52.00 target price on the industrial products company’s stock, up from their prior target price of $43.00.

Several other brokerages have also recently commented on AA. Wolfe Research raised shares of 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. B. Riley raised their target price on shares of Alcoa from $37.00 to $41.00 and gave the stock a neutral rating in a report on Tuesday, September 17th. B. Riley Financial reaffirmed a neutral rating and set a $41.00 target price on shares of Alcoa in a report on Tuesday, September 17th. JPMorgan Chase & Co. initiated coverage on shares of Alcoa in a report on Wednesday, September 25th. They set a neutral rating and a $36.00 target price on the stock. Finally, Morgan Stanley lowered their target price 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Alcoa has an average rating of Hold and an average target price of $41.64.

Alcoa Trading Up 2.5 %

Shares of AA stock opened at $39.11 on Tuesday. The firm has a 50 day moving average price of $32.93 and a two-hundred day moving average price of $36.17. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.02 billion, a PE ratio of -10.40 and a beta of 2.42. Alcoa has a 12-month low of $23.07 and a 12-month high of $45.48.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. As a group, analysts predict that Alcoa will post 0.56 earnings per share for the current year.

Alcoa Dividend Announcement

The company 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 was Monday, August 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.02%. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Institutional Trading of Alcoa

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Douglas Lane & Associates LLC lifted its holdings in shares of Alcoa by 12.9% during the first quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock worth $45,675,000 after purchasing an additional 154,403 shares during the period. ARGA Investment Management LP lifted its holdings in Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after buying an additional 997,912 shares during the period. Quadrature Capital Ltd acquired a new position in Alcoa in the first quarter valued at $593,000. U.S. Capital Wealth Advisors LLC acquired a new position in Alcoa in the second quarter valued at $706,000. Finally, Blue Trust Inc. lifted its holdings in Alcoa by 536.7% in the second quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock valued at $114,000 after buying an additional 2,426 shares during the period. 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.