Alcoa (NYSE:AA) declared that its Board of Directors has approved a stock repurchase plan, which permits the company to buyback $200.00 million in shares on Wednesday, October 17th. This buyback authorization permits the industrial products company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several equities analysts have commented on AA shares. Zacks Investment Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 25th. ValuEngine raised Alcoa from a “hold” rating to a “buy” rating in a research report on Thursday, July 5th. BMO Capital Markets lowered their price objective on Alcoa from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Thursday, July 19th. Jefferies Financial Group set a $65.00 price objective on Alcoa and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, Credit Suisse Group lowered their price objective on Alcoa from $69.00 to $65.00 and set an “outperform” rating for the company in a research report on Thursday, July 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Alcoa presently has a consensus rating of “Buy” and a consensus target price of $61.67.
AA opened at $38.60 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $6.84 billion, a PE ratio of 12.82, a P/E/G ratio of 2.84 and a beta of -0.10. Alcoa has a 1 year low of $35.13 and a 1 year high of $62.35.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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