Alcoa (NYSE:AA) Coverage Initiated at Citigroup

Equities researchers at Citigroup began coverage on shares of Alcoa (NYSE:AA - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $42.00 price target on the industrial products company's stock. Citigroup's price target suggests a potential upside of 38.11% from the company's current price.

A number of other brokerages have also issued reports on AA. Wall Street Zen lowered shares of Alcoa from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. B. Riley restated a "buy" rating and set a $38.00 target price (down previously from $43.00) on shares of Alcoa in a research report on Tuesday, June 24th. Bank of America reiterated an "underperform" rating and issued a $26.00 price target (down previously from $58.00) on shares of Alcoa in a report on Tuesday, April 8th. UBS Group reiterated a "neutral" rating and issued a $31.00 price target on shares of Alcoa in a report on Thursday, May 15th. Finally, Barclays lifted their price target on shares of Alcoa to $31.00 and gave the company a "hold" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Alcoa currently has an average rating of "Hold" and a consensus price target of $42.31.

Alcoa Price Performance

Alcoa stock traded up $0.60 during mid-day trading on Tuesday, reaching $30.41. The company had a trading volume of 631,848 shares, compared to its average volume of 5,651,024. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.71 and a quick ratio of 1.00. The stock's 50-day simple moving average is $28.04 and its 200-day simple moving average is $31.28. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The company has a market capitalization of $7.87 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.19 and a beta of 2.25.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The industrial products company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.42. Alcoa had a net margin of 6.79% and a return on equity of 18.56%. The business had revenue of $3.37 billion during the quarter, compared to analysts' expectations of $3.58 billion. On average, equities analysts predict that Alcoa will post 4.43 EPS for the current year.

Institutional Investors Weigh In On Alcoa

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Alcoa by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 25,979,129 shares of the industrial products company's stock worth $981,491,000 after buying an additional 165,420 shares during the period. Norges Bank purchased a new stake in Alcoa during the 4th quarter worth $259,273,000. Dimensional Fund Advisors LP increased its stake in Alcoa by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,803,086 shares of the industrial products company's stock worth $207,490,000 after buying an additional 1,721,222 shares during the period. Geode Capital Management LLC increased its stake in Alcoa by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,232,766 shares of the industrial products company's stock worth $159,966,000 after buying an additional 39,022 shares during the period. Finally, Northern Trust Corp increased its stake in Alcoa by 46.8% during the 4th quarter. Northern Trust Corp now owns 2,549,608 shares of the industrial products company's stock worth $96,324,000 after buying an additional 813,214 shares during the period. 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.