Alcoa Corp (NYSE:AA) had its price objective lifted by investment analysts at BMO Capital Markets from $45.00 to $60.00 in a report issued on Wednesday, September 13th, Marketbeat reports. The firm currently has an “outperform” rating on the industrial products company’s stock. BMO Capital Markets’ price target points to a potential upside of 26.32% from the stock’s previous close.
Several other brokerages have also recently commented on AA. Citigroup Inc. reaffirmed a “buy” rating and set a $45.00 price target on shares of Alcoa Corp in a research report on Friday, May 19th. Clarkson Capital initiated coverage on shares of Alcoa Corp in a research report on Monday, May 22nd. They set a “buy” rating and a $43.00 price target on the stock. ING Group raised shares of Alcoa Corp to a “buy” rating in a research report on Friday, June 23rd. Deutsche Bank AG reaffirmed a “hold” rating and set a $44.00 price target (up previously from $37.00) on shares of Alcoa Corp in a research report on Sunday, June 25th. Finally, Morgan Stanley cut shares of Alcoa Corp from a “top pick” rating to a “buy” rating and increased their price target for the stock from $43.00 to $47.00 in a research report on Tuesday, June 27th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $43.44.
Alcoa Corp (NYSE:AA) traded down 1.589% during mid-day trading on Wednesday, reaching $45.515. The company’s stock had a trading volume of 1,439,953 shares. The stock has a market capitalization of $8.39 billion and a P/E ratio of 51.780. Alcoa Corp has a 1-year low of $20.00 and a 1-year high of $46.44. The stock’s 50 day moving average price is $44.87 and its 200 day moving average price is $44.87.
Alcoa Corp (NYSE:AA) last posted its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS. Analysts expect that Alcoa Corp will post $2.93 EPS for the current fiscal year.
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Several large investors have recently made changes to their positions in AA. BlackRock Inc. increased its stake in shares of Alcoa Corp by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after purchasing an additional 6,658,703 shares during the period. Old Mutual Global Investors UK Ltd. increased its stake in shares of Alcoa Corp by 163.5% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after purchasing an additional 2,816,320 shares during the period. BT Investment Management Ltd acquired a new stake in shares of Alcoa Corp in the second quarter valued at approximately $83,380,000. JPMorgan Chase & Co. increased its stake in shares of Alcoa Corp by 192.6% in the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock valued at $133,111,000 after purchasing an additional 2,547,180 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Alcoa Corp in the second quarter valued at approximately $63,686,000.
Alcoa Corp Company Profile
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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