Alcoa (NYSE:AA) Given New $38.00 Price Target at Morgan Stanley

Alcoa (NYSE:AA - Free Report) had its price objective trimmed by Morgan Stanley from $40.00 to $38.00 in a report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company's stock.

A number of other equities research analysts have also issued reports on AA. Bank of America raised their price target on Alcoa from $26.00 to $27.00 and gave the stock an "underperform" rating in a research note on Thursday. B. Riley lowered their price target on shares of Alcoa from $38.00 to $37.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Citigroup upgraded shares of Alcoa to a "buy" rating and set a $42.00 price objective for the company in a research note on Tuesday, July 8th. Barclays increased their price objective on Alcoa to $31.00 and gave the company a "hold" rating in a report on Friday, May 16th. Finally, Wall Street Zen cut Alcoa from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $41.23.

Alcoa Stock Up 2.0%

Shares of NYSE AA traded up $0.62 during mid-day trading on Friday, hitting $30.95. 7,493,925 shares of the stock traded hands, compared to its average volume of 5,721,860. Alcoa has a 52 week low of $21.53 and a 52 week high of $47.77. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 0.18 and a beta of 2.25. The stock has a fifty day moving average price of $28.94 and a 200-day moving average price of $30.78. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.97 and a current ratio of 1.65.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.10. Alcoa had a return on equity of 19.27% and a net margin of 7.86%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the company posted $0.16 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that Alcoa will post 4.43 EPS for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Tuesday, May 20th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.29%. Alcoa's dividend payout ratio (DPR) is presently 10.44%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AA. Ameritas Advisory Services LLC acquired a new stake in shares of Alcoa during the 2nd quarter worth about $82,000. Truist Financial Corp increased its holdings in shares of Alcoa by 15.9% during the 2nd 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 during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Alcoa by 24.8% in the 2nd quarter. Janney Montgomery Scott LLC now owns 23,819 shares of the industrial products company's stock valued at $703,000 after purchasing an additional 4,732 shares in the last quarter. Ausbil Investment Management Ltd increased its position in shares of Alcoa by 650.0% in the second quarter. Ausbil Investment Management Ltd now owns 15,000 shares of the industrial products company's stock worth $443,000 after acquiring an additional 13,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Alcoa by 5.6% in the second quarter. Public Employees Retirement System of Ohio now owns 80,223 shares of the industrial products company's stock valued at $2,367,000 after purchasing an additional 4,255 shares during the period.

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.