Bank of America Raises Alcoa (NYSE:AA) Price Target to $58.00

Alcoa (NYSE:AA) had its price objective boosted by stock analysts at Bank of America to $58.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price would suggest a potential upside of 24.87% from the stock’s current price.

Several other analysts have also recently issued reports on AA. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 23rd. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. boosted their target price on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price target for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Finally, Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.25.

Alcoa Price Performance

Shares of Alcoa stock opened at $46.45 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. Alcoa has a 12 month low of $23.80 and a 12 month high of $47.77. The stock has a 50 day moving average of $41.44 and a 200 day moving average of $38.20. The firm has a market cap of $12.00 billion, a PE ratio of -26.38, a PEG ratio of 0.92 and a beta of 2.42.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%. Alcoa’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted ($1.14) earnings per share. On average, research analysts expect that Alcoa will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares in the company, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Alcoa

A number of hedge funds have recently bought and sold shares of AA. Newbridge Financial Services Group Inc. purchased a new stake in shares of Alcoa during the second quarter valued at about $27,000. UMB Bank n.a. raised its stake in shares of Alcoa by 481.7% during the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 631 shares in the last quarter. Quarry LP purchased a new stake in Alcoa during the third quarter valued at approximately $43,000. Continuum Advisory LLC lifted its position in Alcoa by 1,945.5% during the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 1,070 shares during the last quarter. Finally, Millburn Ridgefield Corp acquired a new stake in Alcoa in the third quarter valued at approximately $89,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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.