Alcoa (NYSE:AA) Stock Price Expected to Rise, Bank of America Analyst Says

Alcoa (NYSE:AA) had its target price increased by Bank of America to $58.00 in a report released on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target points to a potential upside of 26.42% from the stock’s previous close.

AA has been the topic of a number of other research reports. B. Riley Financial reiterated a “neutral” rating and set a $41.00 price target on shares of Alcoa in a report on Tuesday, September 17th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. BMO Capital Markets lifted their price target on shares of Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research report on Thursday, October 17th. UBS Group boosted their price objective on Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley boosted their price objective on shares of Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.25.

Alcoa Stock Performance

NYSE:AA traded down $1.54 during mid-day trading on Thursday, hitting $45.88. The stock had a trading volume of 4,680,403 shares, compared to its average volume of 5,810,264. The company has a 50 day simple moving average of $40.99 and a 200-day simple moving average of $38.09. Alcoa has a 52 week low of $23.80 and a 52 week high of $47.77. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of -26.07, a P/E/G ratio of 0.89 and a beta of 2.42. 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 (NYSE:AA) last issued its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the firm earned ($1.14) EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, research analysts expect that Alcoa will post 0.9 earnings per share 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 on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at $2,423,935.93. This represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Alcoa

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of Alcoa in the 2nd quarter worth $27,000. UMB Bank n.a. lifted its stake in Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 631 shares in the last quarter. Quarry LP acquired a new position in Alcoa during the third quarter worth $43,000. Continuum Advisory LLC increased its holdings in Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 1,070 shares during the last quarter. Finally, Millburn Ridgefield Corp acquired a new position in Alcoa during the 3rd quarter worth about $89,000.

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.