Alcoa (NYSE:AA) Stock Rating Upgraded by Bank of America

Alcoa (NYSE:AA - Get Free Report) was upgraded by analysts at Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $52.00 price objective on the industrial products company's stock, up from their prior price objective of $43.00. Bank of America's price target would suggest a potential upside of 32.01% from the stock's previous close.

Other research analysts also recently issued reports about the stock. 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 report on Wednesday, September 4th. B. Riley Financial reaffirmed a "neutral" rating and set a $41.00 price objective on shares of Alcoa in a report on Tuesday, September 17th. B. Riley lifted their price objective on shares of Alcoa from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, September 17th. UBS Group lifted their price objective on shares of Alcoa from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. began coverage on shares of Alcoa in a research report on Wednesday, September 25th. They issued a "neutral" rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $41.64.

Alcoa Stock Up 2.1 %

Shares of AA traded up $0.81 during trading hours on Tuesday, reaching $39.39. The stock had a trading volume of 2,842,700 shares, compared to its average volume of 6,029,491. Alcoa has a 12 month low of $23.07 and a 12 month high of $45.48. The firm has a 50-day simple moving average of $32.59 and a 200 day simple moving average of $36.07. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of -10.26 and a beta of 2.42.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the business posted ($0.35) EPS. Alcoa's quarterly revenue was up 8.3% compared to the same quarter last year. Equities research analysts predict that Alcoa will post 0.56 earnings per share for the current fiscal year.

Institutional Trading of Alcoa

Hedge funds have recently bought and sold shares of the company. Treasurer of the State of North Carolina boosted its stake in shares of Alcoa by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 78,845 shares of the industrial products company's stock worth $2,681,000 after acquiring an additional 770 shares during the period. Seven Eight Capital LP lifted its stake in shares of Alcoa by 1,678.6% in the 4th quarter. Seven Eight Capital LP now owns 175,899 shares of the industrial products company's stock valued at $5,981,000 after purchasing an additional 166,009 shares during the last quarter. Garner Asset Management Corp lifted its stake in shares of Alcoa by 13.0% in the 4th quarter. Garner Asset Management Corp now owns 8,434 shares of the industrial products company's stock valued at $287,000 after purchasing an additional 970 shares during the last quarter. Cantor Fitzgerald L. P. lifted its stake in shares of Alcoa by 0.4% in the 4th quarter. Cantor Fitzgerald L. P. now owns 210,036 shares of the industrial products company's stock valued at $7,141,000 after purchasing an additional 936 shares during the last quarter. Finally, Scarborough Advisors LLC bought a new stake in shares of Alcoa in the 4th quarter valued at approximately $39,000. 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.