Alcoa (NYSE:AA) Price Target Raised to $76.00

Alcoa (NYSE:AA) had its price target raised by equities research analysts at Citigroup from $54.00 to $76.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price points to a potential upside of 14.96% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Alcoa in a research report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 price target on shares of Alcoa in a report on Monday, December 15th. Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. JPMorgan Chase & Co. upgraded shares of Alcoa from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $50.00 to $68.00 in a research report on Friday. Finally, Zacks Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Alcoa presently has an average rating of “Hold” and an average target price of $50.45.

Alcoa Stock Up 4.0%

AA traded up $2.52 during trading on Monday, hitting $66.11. 3,150,358 shares of the company’s stock traded hands, compared to its average volume of 7,948,403. The stock has a market capitalization of $17.44 billion, a price-to-earnings ratio of 14.98 and a beta of 1.85. The company’s 50 day simple moving average is $61.54 and its two-hundred day simple moving average is $46.99. Alcoa has a 12-month low of $21.53 and a 12-month high of $68.40. The company has a current ratio of 1.44, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.31. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Analysts predict that Alcoa will post 4.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Several institutional investors have recently made changes to their positions in the business. Basepoint Wealth LLC purchased a new position in shares of Alcoa in the fourth quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in Alcoa during the third quarter valued at approximately $27,000. Raleigh Capital Management Inc. raised its position in Alcoa by 52,500.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 525 shares during the period. Root Financial Partners LLC bought a new position in Alcoa in the third quarter worth approximately $29,000. Finally, CoreCap Advisors LLC boosted its stake in shares of Alcoa by 74.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 237 shares during the last quarter.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.