Morgan Stanley Trims Alcoa (NYSE:AA) Target Price to $96.00

Alcoa (NYSE:AAGet Rating) had its price target lowered by Morgan Stanley from $100.00 to $96.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 49.21% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Wolfe Research reiterated a “buy” rating and issued a $105.00 price target on shares of Alcoa in a research report on Friday, March 25th. Credit Suisse Group cut shares of Alcoa from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $68.00 to $82.00 in a research report on Friday, April 8th. Argus boosted their price target on shares of Alcoa from $68.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, March 21st. The Goldman Sachs Group reiterated a “buy” rating and issued a $110.00 price target on shares of Alcoa in a research report on Friday. Finally, Jefferies Financial Group boosted their price objective on Alcoa from $90.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, March 9th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $92.83.

Shares of AA traded down $3.03 during midday trading on Monday, hitting $64.34. 73,409 shares of the stock traded hands, compared to its average volume of 7,828,752. Alcoa has a 1-year low of $31.00 and a 1-year high of $98.09. The firm has a market capitalization of $11.86 billion, a PE ratio of 17.03 and a beta of 2.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.95 and a current ratio of 1.62. The business’s 50 day moving average price is $83.19 and its two-hundred day moving average price is $64.44.

Alcoa (NYSE:AAGet Rating) last issued its quarterly earnings data on Wednesday, April 20th. The industrial products company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.14. Alcoa had a net margin of 5.75% and a return on equity of 29.44%. The business had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the previous year, the business earned $0.79 earnings per share. The company’s revenue was up 14.7% on a year-over-year basis. As a group, equities research analysts forecast that Alcoa will post 14.15 EPS for the current fiscal year.

In other Alcoa news, CEO Roy Christopher Harvey sold 238,147 shares of Alcoa stock in a transaction on Wednesday, January 26th. The stock was sold at an average price of $60.62, for a total value of $14,436,471.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey D. Heeter sold 29,440 shares of Alcoa stock in a transaction on Tuesday, January 25th. The shares were sold at an average price of $60.31, for a total value of $1,775,526.40. The disclosure for this sale can be found here. Insiders have sold a total of 326,109 shares of company stock valued at $20,224,090 over the last quarter.

Several institutional investors have recently bought and sold shares of AA. Allworth Financial LP raised its holdings in shares of Alcoa by 78.0% during the 3rd quarter. Allworth Financial LP now owns 543 shares of the industrial products company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. Sandy Spring Bank acquired a new position in shares of Alcoa during the 3rd quarter worth $30,000. CWM LLC acquired a new position in shares of Alcoa during the 4th quarter worth $30,000. Retirement Group LLC grew its position in Alcoa by 100.0% during 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 last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its position in Alcoa by 591.7% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 664 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 568 shares during the last quarter.

About Alcoa (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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