Alcoa (NYSE:AA) Given New $58.00 Price Target at Bank of America

Alcoa (NYSE:AA) had its target price upped by Bank of America to $58.00 in a research report sent to investors on Thursday morning,Stock Target Advisor reports. The firm currently has a buy rating on the industrial products company’s stock.

Other research analysts have also recently issued reports about the company. Morgan Stanley increased their price target on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. B. Riley Financial reiterated a “neutral” rating and issued a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. JPMorgan Chase & Co. increased their price objective on Alcoa from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a report on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Alcoa currently has an average rating of “Moderate Buy” and a consensus target price of $45.25.

Alcoa Stock Down 3.2 %

NYSE AA opened at $45.88 on Thursday. The business has a fifty day moving average price of $41.22 and a two-hundred day moving average price of $38.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. Alcoa has a fifty-two week low of $23.80 and a fifty-two week high of $47.77. The stock has a market capitalization of $11.85 billion, a PE ratio of -26.07, a PEG ratio of 0.89 and a beta of 2.42.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the company earned ($1.14) EPS. Alcoa’s revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that Alcoa will post 0.9 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 0.87%. Alcoa’s payout ratio is currently -22.73%.

Insiders Place Their Bets

In other news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the sale, the executive vice president now directly owns 57,317 shares in the company, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Institutional Trading of Alcoa

Large investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Alcoa in the 2nd quarter valued at about $27,000. UMB Bank n.a. grew its stake in shares of Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after buying an additional 631 shares during the period. Quarry LP acquired a new stake in shares of Alcoa in the 3rd quarter valued at about $43,000. Continuum Advisory LLC grew its stake in shares of Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after buying an additional 1,070 shares during the period. Finally, Millburn Ridgefield Corp acquired a new stake in shares of Alcoa in the 3rd quarter valued at about $89,000.

About Alcoa

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.