Alcoa (NYSE:AA) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued to investors on Thursday, Zacks.com reports.
According to Zacks, "Alcoa is a global industry leader in bauxite, alumina and aluminum products. "
AA has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft raised their price objective on Alcoa from $41.00 to $48.00 and gave the stock a "buy" rating in a report on Wednesday, May 26th. TheStreet upgraded Alcoa from a "d" rating to a "c-" rating in a report on Thursday, April 15th. Citigroup upgraded Alcoa from a "neutral" rating to a "buy" rating and set a $52.00 target price on the stock in a report on Friday, July 16th. The Goldman Sachs Group raised their price objective on Alcoa from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Monday. Finally, Jefferies Financial Group lifted their target price on Alcoa from $35.50 to $40.00 and gave the stock a "hold" rating in a research report on Thursday, July 1st. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of "Buy" and a consensus price target of $40.18.
NYSE:AA traded up $0.16 during mid-day trading on Thursday, reaching $37.25. The company's stock had a trading volume of 403,423 shares, compared to its average volume of 9,149,729. The stock's fifty day moving average price is $36.76. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.52. Alcoa has a twelve month low of $10.98 and a twelve month high of $44.42. The company has a market cap of $6.96 billion, a PE ratio of 16.34 and a beta of 2.64.
Alcoa (NYSE:AA) last issued its quarterly earnings results on Wednesday, July 14th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.18. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.64 billion. Alcoa had a return on equity of 5.27% and a net margin of 4.12%. The firm's quarterly revenue was up 31.9% on a year-over-year basis. During the same period last year, the company earned ($0.02) EPS. On average, equities analysts predict that Alcoa will post 4.99 earnings per share for the current fiscal year.
In other news, EVP Benjamin D. Kahrs sold 28,082 shares of Alcoa stock in a transaction on Friday, May 7th. The stock was sold at an average price of $39.68, for a total transaction of $1,114,293.76. Following the transaction, the executive vice president now owns 56,712 shares in the company, valued at $2,250,332.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Timothy D. Reyes sold 20,260 shares of the business's stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $36.82, for a total value of $745,973.20. Following the completion of the transaction, the executive vice president now owns 91,091 shares in the company, valued at approximately $3,353,970.62. The disclosure for this sale can be found here.
A number of hedge funds and other institutional investors have recently modified their holdings of AA. Global Retirement Partners LLC lifted its position in shares of Alcoa by 6.5% in the first quarter. Global Retirement Partners LLC now owns 4,903 shares of the industrial products company's stock worth $159,000 after buying an additional 300 shares during the last quarter. Harvest Fund Management Co. Ltd raised its holdings in Alcoa by 83.0% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 1,554 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 705 shares in the last quarter. C M Bidwell & Associates Ltd. raised its holdings in Alcoa by 8.9% in the 1st quarter. C M Bidwell & Associates Ltd. now owns 9,200 shares of the industrial products company's stock valued at $299,000 after acquiring an additional 755 shares in the last quarter. IFP Advisors Inc raised its holdings in Alcoa by 181.2% in the 1st quarter. IFP Advisors Inc now owns 1,468 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 946 shares in the last quarter. Finally, Independence Bank of Kentucky acquired a new position in Alcoa in the 1st quarter valued at approximately $32,000.
Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through three segments: Bauxite, 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, casting, and rolling businesses.
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