Alcoa (NYSE:AA) Price Target Raised to $27.00

Alcoa (NYSE:AA) had its price objective lifted by Bank of America from $26.00 to $27.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an underperform rating on the industrial products company’s stock.

Several other research firms have also recently weighed in on AA. UBS Group restated a “neutral” rating and set a $31.00 target price on shares of Alcoa in a research note on Thursday, May 15th. Citigroup upgraded Alcoa to a “buy” rating and set a $42.00 price target for the company in a research note on Tuesday, July 8th. Barclays increased their price target on Alcoa to $31.00 and gave the company a “hold” rating in a research note on Friday, May 16th. JPMorgan Chase & Co. increased their price target on Alcoa from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen cut Alcoa from a “buy” rating to a “hold” rating in a research note on Sunday, June 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.23.

Alcoa Trading Up 3.1%

Shares of NYSE:AA opened at $30.29 on Thursday. The company has a market capitalization of $7.84 billion, a P/E ratio of 7.91, a P/E/G ratio of 0.19 and a beta of 2.25. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.65 and a quick ratio of 1.00. The business’s 50 day simple moving average is $28.94 and its 200 day simple moving average is $30.83.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.10. Alcoa had a return on equity of 19.27% and a net margin of 7.86%. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the prior year, the company earned $0.16 earnings per share. The company’s quarterly revenue was up 3.9% on a year-over-year basis. On average, research analysts anticipate that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Tuesday, May 20th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.32%. Alcoa’s dividend payout ratio (DPR) is currently 10.44%.

Hedge Funds Weigh In On Alcoa

A number of hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Alcoa by 61.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,914 shares of the industrial products company’s stock worth $516,000 after buying an additional 6,447 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Alcoa by 58.8% in the 1st quarter. GAMMA Investing LLC now owns 2,298 shares of the industrial products company’s stock worth $70,000 after buying an additional 851 shares during the last quarter. Drummond Knight Asset Management Pty Ltd purchased a new position in shares of Alcoa in the 4th quarter worth approximately $19,646,000. Corient Private Wealth LLC boosted its stake in shares of Alcoa by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 21,602 shares of the industrial products company’s stock worth $816,000 after buying an additional 948 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Alcoa by 630.4% in the 1st quarter. SG Americas Securities LLC now owns 28,955 shares of the industrial products company’s stock worth $883,000 after buying an additional 24,991 shares during the last quarter.

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.