Alcoa (NYSE:AA) Cut to “Neutral” at Citigroup

Alcoa (NYSE:AAGet Rating) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, April 21st, reports. They currently have a $84.00 target price on the industrial products company’s stock. Citigroup’s target price points to a potential upside of 23.60% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wolfe Research restated a “buy” rating and issued a $105.00 price objective on shares of Alcoa in a report on Friday, March 25th. BMO Capital Markets cut their price target on shares of Alcoa from $99.00 to $95.00 in a research note on Thursday, April 21st. B. Riley cut their price target on shares of Alcoa from $91.00 to $84.00 and set a “neutral” rating for the company in a research note on Thursday, April 21st. The Goldman Sachs Group increased their price target on shares of Alcoa from $88.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, March 25th. Finally, Credit Suisse Group lowered shares of Alcoa from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $68.00 to $82.00 in a research report on Friday, April 8th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Alcoa presently has a consensus rating of “Buy” and an average price target of $92.83.

Shares of Alcoa stock traded up $3.30 during trading hours on Thursday, hitting $67.96. 5,748,927 shares of the company’s stock traded hands, compared to its average volume of 7,895,152. The company has a market cap of $12.53 billion, a PE ratio of 18.03, a PEG ratio of 0.84 and a beta of 2.34. Alcoa has a twelve month low of $31.00 and a twelve month high of $98.09. The stock has a 50 day simple moving average of $81.97 and a 200-day simple moving average of $65.37. The company has a quick ratio of 0.90, a current ratio of 1.62 and a debt-to-equity ratio of 0.28.

Alcoa (NYSE:AAGet Rating) last posted its quarterly earnings data on Wednesday, April 20th. The industrial products company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.14. The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.46 billion. Alcoa had a net margin of 5.75% and a return on equity of 29.44%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 EPS. As a group, equities research analysts predict that Alcoa will post 13.82 EPS for the current year.

In other Alcoa news, EVP John D. Slaven sold 28,326 shares of the firm’s stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $75.33, for a total value of $2,133,797.58. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Molly S. Beerman sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, February 4th. The shares were sold at an average price of $64.53, for a total value of $806,625.00. The disclosure for this sale can be found here. Insiders have sold a total of 58,522 shares of company stock worth $4,012,092 in the last three months.

Hedge funds and other institutional investors have recently modified their holdings of the company. Hanseatic Management Services Inc. purchased a new stake in Alcoa during the 1st quarter worth about $25,000. CWM LLC acquired a new position in Alcoa during the 4th quarter worth approximately $30,000. Retirement Group LLC grew its holdings in shares of Alcoa by 100.0% in the 4th quarter. Retirement Group LLC now owns 500 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 250 shares during the period. Allworth Financial LP grew its holdings in Alcoa by 78.0% during the 3rd quarter. Allworth Financial LP now owns 543 shares of the industrial products company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. Finally, Sandy Spring Bank acquired a new stake in Alcoa during the 3rd quarter valued at $30,000.

Alcoa Company Profile (Get Rating)

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 three segments: Bauxite, 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.

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