Alcoa (NYSE:AA) Cut to "Hold" at Zacks Investment Research

Last updated on Thursday, July 22, 2021 | 2021 MarketBeat

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.

About Alcoa

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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