Wells Fargo & Company Raises Alcoa (NYSE:AA) Price Target to $72.00

Alcoa (NYSE:AA) had its target price hoisted by stock analysts at Wells Fargo & Company from $71.00 to $72.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 48.56% from the stock’s current price.

A number of other research firms also recently commented on AA. Citigroup boosted their target price on Alcoa from $54.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. B. Riley Financial reduced their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday. Wall Street Zen cut Alcoa from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alcoa from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $64.09.

Alcoa Price Performance

AA stock opened at $48.47 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. The company’s fifty day moving average price is $63.84 and its 200-day moving average price is $62.80. Alcoa has a one year low of $28.11 and a one year high of $84.38. The company has a market capitalization of $12.79 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 0.67 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.20). The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. During the same quarter in the prior year, the firm posted $2.15 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. On average, equities analysts anticipate that Alcoa will post 8.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Several large investors have recently modified their holdings of AA. Nordea Investment Management AB raised its position in Alcoa by 187.7% in the 4th quarter. Nordea Investment Management AB now owns 408,624 shares of the industrial products company’s stock worth $21,902,000 after purchasing an additional 266,574 shares during the period. Lighthouse Investment Partners LLC purchased a new position in shares of Alcoa during the third quarter valued at approximately $5,606,000. Moran Wealth Management LLC purchased a new position in shares of Alcoa during the fourth quarter valued at approximately $2,631,000. Merit Financial Group LLC grew its stake in shares of Alcoa by 114.2% during the fourth quarter. Merit Financial Group LLC now owns 28,945 shares of the industrial products company’s stock valued at $1,538,000 after buying an additional 15,432 shares during the last quarter. Finally, Alphadyne Asset Management LP bought a new position in shares of Alcoa during the third quarter valued at approximately $2,467,000.

Trending Headlines about Alcoa

Here are the key news stories impacting Alcoa this week:

• Positive Sentiment: Alcoa is showing up on an oversold-stock screen, with RSI near or below 30, which may attract traders looking for a bounce. Top 3 Materials Stocks That Could Lead To Your Biggest Gains In Q3
• Neutral Sentiment: Alcoa is expected to report earnings soon, keeping investors focused on whether results will confirm or challenge the bearish analyst outlook. Alcoa (AA) Expected to Post Earnings on Thursday
• Negative Sentiment: Zacks added Alcoa to its Rank #5 Strong Sell list, reinforcing bearish sentiment ahead of earnings. New Strong Sell Stocks for July 9th
• Negative Sentiment: Morgan Stanley cut Alcoa to Equal Weight and lowered its price target to $53 from $79, citing a weaker aluminum supply-demand outlook. Morgan Stanley upgrades Ivanhoe Mines, cuts Alcoa and Vale on metals outlook
• Negative Sentiment: B. Riley also lowered its price target on Alcoa to $80, adding to the string of analyst caution around the stock. Alcoa (NYSE:AA) Price Target Lowered to $80.00 at B. Riley Financial

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.