Alcoa (NYSE:AA) Rating Increased to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Alcoa from “hold” to “buy,” although the broader analyst consensus remains “Hold,” with an average price target of $61.09.
• Alcoa’s shares opened at $45.31, well below their 50-day and 200-day moving averages of $57.44 and $61.49, respectively, and have ranged between $28.11 and $84.38 over the past year.
• The company’s latest quarterly results fell slightly short of expectations, reporting $2.12 in earnings per share versus a $2.25 consensus estimate and revenue of $3.97 billion versus $3.99 billion expected; institutional investors own 82.39% of the stock.

Alcoa (NYSE:AA - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

AA has been the subject of several other reports. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research note on Wednesday, July 1st. JPMorgan Chase & Co. reduced their target price on shares of Alcoa from $55.00 to $52.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Weiss Ratings raised shares of Alcoa from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Wells Fargo & Company lowered their price target on shares of Alcoa from $72.00 to $71.00 and set an "overweight" rating on the stock in a research note on Friday, July 17th. Finally, Zacks Research cut shares of Alcoa from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $61.09.

Alcoa Price Performance

AA stock opened at $45.31 on Friday. The stock has a 50-day moving average price of $57.44 and a two-hundred day moving average price of $61.49. Alcoa has a 1 year low of $28.11 and a 1 year high of $84.38. The stock has a market cap of $11.96 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.51 and a beta of 1.63. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the prior year, the company earned $0.39 earnings per share. Equities analysts forecast that Alcoa will post 6.55 EPS for the current fiscal year.

Institutional Trading of Alcoa

Hedge funds have recently modified their holdings of the stock. Basepoint Wealth LLC bought a new stake in shares of Alcoa during the fourth quarter worth approximately $25,000. Advisory Services Network LLC acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. increased its stake in shares of Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 525 shares during the last quarter. CoreCap Advisors LLC grew its position in Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company's stock worth $31,000 after acquiring an additional 581 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company's stock.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.