Alcoa (NYSE:AA) Given New $76.00 Price Target at Citigroup

Alcoa (NYSE:AA) had its price target raised by Citigroup from $54.00 to $76.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price on shares of Alcoa in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alcoa in a research report on Monday, December 29th. Zacks Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. UBS Group boosted their price objective on shares of Alcoa from $48.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Finally, JPMorgan Chase & Co. upgraded shares of Alcoa from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $50.00 to $68.00 in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.45.

Alcoa Price Performance

Shares of NYSE AA opened at $66.67 on Monday. The firm has a market cap of $17.59 billion, a P/E ratio of 15.08 and a beta of 1.85. The business’s 50 day moving average is $61.64 and its 200-day moving average is $47.24. The company has a current ratio of 1.44, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40. Alcoa has a 1-year low of $21.53 and a 1-year high of $68.40.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.31. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $3.28 billion. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 EPS. Equities research analysts predict that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 10th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, March 10th. Alcoa’s dividend payout ratio is 9.05%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Basepoint Wealth LLC acquired a new stake in Alcoa during the fourth quarter worth about $25,000. Raleigh Capital Management Inc. raised its position in shares of Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after buying an additional 525 shares in the last quarter. CoreCap Advisors LLC raised its position in shares of Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after buying an additional 237 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 581 shares during the period. Finally, Quarry LP lifted its holdings in shares of Alcoa by 96.0% during the 4th quarter. Quarry LP now owns 694 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 340 shares during the period.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.