Argus upgraded shares of Alcoa (NYSE:AA - Free Report) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. Argus currently has $48.00 price objective on the industrial products company's stock.
Several other analysts have also recently issued reports on the company. Wolfe Research upgraded Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 target price for the company in a report on Wednesday, September 4th. B. Riley Financial reissued a "neutral" rating and issued a $41.00 price objective on shares of Alcoa in a report on Tuesday, September 17th. B. Riley raised shares of Alcoa from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $41.00 to $50.00 in a research note on Thursday, October 17th. StockNews.com raised Alcoa from a "sell" rating to a "hold" rating in a research report on Thursday, October 17th. Finally, Morgan Stanley boosted their price target on shares of Alcoa from $48.00 to $49.00 and gave the company an "overweight" rating in a research note 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. According to MarketBeat.com, Alcoa presently has an average rating of "Moderate Buy" and a consensus price target of $44.75.
Check Out Our Latest Stock Report on AA
Alcoa Price Performance
AA traded down $0.13 on Wednesday, hitting $41.89. 4,179,570 shares of the company's stock were exchanged, compared to its average volume of 5,956,647. Alcoa has a fifty-two week low of $23.14 and a fifty-two week high of $45.48. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of -11.14 and a beta of 2.42. The firm has a 50-day moving average price of $35.38 and a 200-day moving average price of $36.87. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.
Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.34. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. Alcoa's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.14) EPS. As a group, equities analysts anticipate that Alcoa will post 0.29 earnings per share for the current year.
Alcoa Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Tuesday, October 29th. Alcoa's dividend payout ratio is currently -10.64%.
Hedge Funds Weigh In On Alcoa
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its position in shares of Alcoa by 15.1% during the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company's stock worth $94,000 after purchasing an additional 309 shares during the last quarter. Blue Trust Inc. raised its position in shares of Alcoa by 12.0% during the 3rd quarter. Blue Trust Inc. now owns 3,222 shares of the industrial products company's stock worth $128,000 after acquiring an additional 344 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Alcoa by 1.4% during the second quarter. Pacer Advisors Inc. now owns 26,965 shares of the industrial products company's stock worth $1,073,000 after purchasing an additional 368 shares during the last quarter. Diversified Trust Co boosted its holdings in Alcoa by 5.7% in the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company's stock valued at $262,000 after purchasing an additional 416 shares in the last quarter. Finally, CWM LLC increased its stake in Alcoa by 19.5% in the second quarter. CWM LLC now owns 3,651 shares of the industrial products company's stock valued at $145,000 after purchasing an additional 596 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company's stock.
About Alcoa
(
Get Free Report)
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.
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