Alcoa (NYSE:AA) Earns Equal Weight Rating from Morgan Stanley

Alcoa (NYSE:AA)‘s stock had its “equal weight” rating reiterated by research analysts at Morgan Stanley in a research report issued on Wednesday, MarketBeat reports. They presently have a $53.00 price objective on the industrial products company’s stock, down from their prior price objective of $79.00. Morgan Stanley’s target price would indicate a potential upside of 8.22% from the stock’s current price.

Other analysts have also issued research reports about the company. Citigroup increased their price objective on Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, March 16th. Wells Fargo & Company lowered their price target on shares of Alcoa from $82.00 to $71.00 and set an “overweight” rating for the company in a report on Thursday, June 25th. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research report on Wednesday, July 1st. Wall Street Zen lowered shares of Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, BMO Capital Markets boosted their price objective on shares of Alcoa from $65.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Alcoa has an average rating of “Hold” and an average price target of $64.00.

Alcoa Stock Down 1.8%

AA opened at $48.97 on Wednesday. The company has a market cap of $12.92 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.77 and a beta of 1.63. The business’s 50-day moving average price is $64.21 and its 200-day moving average price is $62.80. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. Alcoa has a 12 month low of $28.11 and a 12 month high of $84.38.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the prior year, the company earned $2.15 earnings per share. The company’s revenue was down 5.2% compared to the same quarter last year. On average, equities analysts expect that Alcoa will post 7.54 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AA. Mirabella Financial Services LLP raised its holdings in Alcoa by 12,233.1% in the 3rd quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock worth $1,318,312,000 after purchasing an additional 39,757,462 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Alcoa by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,580,803 shares of the industrial products company’s stock valued at $615,428,000 after purchasing an additional 462,243 shares in the last quarter. State Street Corp increased its position in shares of Alcoa by 6.7% during the third quarter. State Street Corp now owns 11,458,529 shares of the industrial products company’s stock valued at $376,871,000 after buying an additional 721,063 shares during the period. Geode Capital Management LLC raised its stake in Alcoa by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock worth $389,621,000 after buying an additional 349,426 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after buying an additional 4,247,559 shares in the last quarter.

Alcoa Company Profile

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.