Alcoa (NYSE:AA) had its price target increased by investment analysts at Morgan Stanley from $12.00 to $14.00 in a report released on Thursday, Benzinga reports. The firm presently has an "equal weight" rating on the industrial products company's stock. Morgan Stanley's target price points to a potential upside of 20.27% from the stock's previous close.
Other equities analysts have also issued research reports about the stock. Credit Suisse Group raised their price objective on shares of Alcoa from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 16th. B. Riley reaffirmed a "hold" rating and issued a $8.00 price objective on shares of Alcoa in a research note on Wednesday, June 3rd. BofA Securities raised shares of Alcoa from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 8th. Bank of America raised shares of Alcoa from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $14.00 to $17.00 in a research note on Tuesday, September 8th. Finally, ValuEngine lowered shares of Alcoa from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, September 1st. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of "Hold" and a consensus target price of $14.33.
Shares of NYSE:AA opened at $11.64 on Thursday. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -3.37 and a beta of 2.22. Alcoa has a 1-year low of $5.16 and a 1-year high of $23.47. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.79 and a current ratio of 1.42. The company has a 50 day moving average price of $14.40 and a 200 day moving average price of $10.67.
Alcoa (NYSE:AA) last issued its earnings results on Wednesday, July 15th. The industrial products company reported ($0.02) earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.38) by $0.36. Alcoa had a negative net margin of 6.72% and a negative return on equity of 3.16%. The firm had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.12 billion. During the same period last year, the firm posted ($0.01) earnings per share. The firm's revenue for the quarter was down 20.8% compared to the same quarter last year. On average, sell-side analysts expect that Alcoa will post -1.16 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC boosted its position in shares of Alcoa by 81.3% during the 1st quarter. Squarepoint Ops LLC now owns 286,111 shares of the industrial products company's stock valued at $1,762,000 after acquiring an additional 128,257 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Alcoa by 1,879.1% during the 1st quarter. Engineers Gate Manager LP now owns 220,949 shares of the industrial products company's stock valued at $1,361,000 after acquiring an additional 209,785 shares in the last quarter. Signaturefd LLC boosted its position in shares of Alcoa by 1,029.4% during the 2nd quarter. Signaturefd LLC now owns 2,383 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 2,172 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in shares of Alcoa during the 2nd quarter valued at about $235,000. Finally, Victory Capital Management Inc. boosted its position in Alcoa by 6,627.3% in the second quarter. Victory Capital Management Inc. now owns 1,798,002 shares of the industrial products company's stock valued at $20,210,000 after buying an additional 1,771,275 shares in the last quarter.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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