Bank of America Reaffirms “Underperform” Rating for Alcoa (NYSE:AA)

Alcoa (NYSE:AA)‘s stock had its “underperform” rating reissued by equities researchers at Bank of America in a research note issued on Tuesday, Marketbeat reports. They currently have a $26.00 price target on the industrial products company’s stock, down from their previous price target of $58.00. Bank of America‘s price objective suggests a potential upside of 0.64% from the company’s current price.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. raised their target price on Alcoa from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. BMO Capital Markets boosted their price objective on Alcoa to $43.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Jefferies Financial Group decreased their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. B. Riley raised shares of Alcoa to a “strong-buy” rating in a research note on Tuesday, January 21st. Finally, UBS Group dropped their target price on shares of Alcoa from $53.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.25.

Alcoa Stock Performance

Alcoa stock opened at $25.84 on Tuesday. The firm has a market cap of $6.69 billion, a P/E ratio of -161.47, a P/E/G ratio of 0.19 and a beta of 2.28. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.77. The firm has a 50-day moving average of $32.71 and a 200-day moving average of $37.62. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. Sell-side analysts expect that Alcoa will post 4.43 EPS for the current year.

Institutional Investors Weigh In On Alcoa

Several institutional investors have recently bought and sold shares of AA. Vanguard Group Inc. lifted its stake in shares of Alcoa by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 25,979,129 shares of the industrial products company’s stock worth $981,491,000 after buying an additional 165,420 shares during the period. State Street Corp boosted its holdings in shares of Alcoa by 23.3% in the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock valued at $368,965,000 after acquiring an additional 1,805,915 shares during the last quarter. Norges Bank acquired a new stake in shares of Alcoa in the fourth quarter worth $259,273,000. Geode Capital Management LLC lifted its position in Alcoa by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,232,766 shares of the industrial products company’s stock valued at $159,966,000 after purchasing an additional 39,022 shares during the period. Finally, ARGA Investment Management LP boosted its stake in shares of Alcoa by 29.6% in the fourth quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company’s stock worth $113,276,000 after buying an additional 684,505 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors and hedge funds.

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.