Alcoa (NYSE:AA) Given New $96.00 Price Target at B. Riley Financial

Alcoa (NYSE:AA) had its price target lifted by B. Riley Financial from $78.00 to $96.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on AA. Wells Fargo & Company set a $68.00 price target on Alcoa in a research note on Thursday, March 12th. Citigroup upped their price objective on shares of Alcoa from $54.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. JPMorgan Chase & Co. raised shares of Alcoa from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $50.00 to $68.00 in a research report on Friday, March 13th. UBS Group upped their price objective on shares of Alcoa from $48.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Finally, Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.55.

Alcoa Trading Up 2.6%

Shares of Alcoa stock opened at $72.87 on Tuesday. The firm has a 50-day moving average of $62.04 and a 200-day moving average of $50.80. The stock has a market cap of $19.23 billion, a PE ratio of 16.49 and a beta of 1.70. Alcoa has a 52-week low of $21.53 and a 52-week high of $73.38. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.87 and a current ratio of 1.44.

Alcoa (NYSE:AA) last issued 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 analysts’ expectations of $3.28 billion. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 earnings per share. As a group, sell-side analysts forecast that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Tuesday, March 10th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, March 10th. This represents a $0.40 annualized dividend and a yield of 0.5%. Alcoa’s dividend payout ratio is presently 9.05%.

Institutional Investors Weigh In On Alcoa

Several institutional investors and hedge funds have recently added to or reduced their stakes in AA. NewEdge Advisors LLC raised its stake in Alcoa by 1,098.0% during the first quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 10,727 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Alcoa by 0.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock worth $19,722,000 after acquiring an additional 4,624 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Alcoa by 1.9% in the second quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock worth $18,902,000 after acquiring an additional 12,008 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Alcoa by 173.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 1,295 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Alcoa by 320.1% in the second quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after acquiring an additional 205,717 shares during the last quarter.

About Alcoa

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.