Alcoa (NYSE:AA) Stock Price Expected to Rise, Bank of America Analyst Says

Alcoa (NYSE:AA - Get Free Report) had its price objective lifted by equities researchers at Bank of America from $26.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "underperform" rating on the industrial products company's stock. Bank of America's price objective would indicate a potential downside of 10.86% from the stock's current price.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Alcoa from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. B. Riley cut their price objective on Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a research report on Tuesday. UBS Group reissued a "neutral" rating and set a $31.00 price objective on shares of Alcoa in a research report on Thursday, May 15th. Barclays raised their price objective on Alcoa to $31.00 and gave the stock a "hold" rating in a research report on Friday, May 16th. Finally, Citigroup raised Alcoa to a "buy" rating and set a $42.00 price objective for the company in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $41.23.

Alcoa Trading Up 3.1%

Shares of NYSE AA traded up $0.90 during trading on Thursday, hitting $30.29. 7,414,628 shares of the company were exchanged, compared to its average volume of 5,725,902. Alcoa has a 12-month low of $21.53 and a 12-month high of $47.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 1.71. The company has a fifty day moving average price of $28.85 and a 200-day moving average price of $30.93. The firm has a market capitalization of $7.84 billion, a PE ratio of 7.91, a P/E/G ratio of 0.18 and a beta of 2.25.

Alcoa (NYSE:AA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The industrial products company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.29 by $0.10. Alcoa had a return on equity of 19.88% and a net margin of 7.86%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the firm earned $0.16 EPS. The company's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts expect that Alcoa will post 4.43 EPS for the current year.

Hedge Funds Weigh In On Alcoa

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Truist Financial Corp grew its position in shares of Alcoa by 15.9% during the second quarter. Truist Financial Corp now owns 10,472 shares of the industrial products company's stock worth $309,000 after buying an additional 1,440 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Alcoa by 24.8% during the second quarter. Janney Montgomery Scott LLC now owns 23,819 shares of the industrial products company's stock worth $703,000 after buying an additional 4,732 shares in the last quarter. Ausbil Investment Management Ltd grew its position in shares of Alcoa by 650.0% during the second quarter. Ausbil Investment Management Ltd now owns 15,000 shares of the industrial products company's stock worth $443,000 after buying an additional 13,000 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Alcoa by 5.6% during the second quarter. Public Employees Retirement System of Ohio now owns 80,223 shares of the industrial products company's stock worth $2,367,000 after buying an additional 4,255 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Alcoa by 33.3% during the second quarter. GAMMA Investing LLC now owns 3,064 shares of the industrial products company's stock worth $90,000 after buying an additional 766 shares in the last quarter.

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.