Bank of America Issues Pessimistic Forecast for Alcoa (NYSE:AA) Stock Price

Alcoa (NYSE:AA) had its price objective decreased by Bank of America from $57.00 to $51.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the industrial products company’s stock. Bank of America‘s target price would suggest a potential upside of 4.74% from the stock’s previous close.

AA has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Morgan Stanley restated an “equal weight” rating and issued a $53.00 price target (down from $79.00) on shares of Alcoa in a report on Wednesday. BMO Capital Markets increased 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. UBS Group dropped their price objective on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada set a $70.00 target price on shares of Alcoa in a research report on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Alcoa presently has a consensus rating of “Hold” and an average target price of $64.91.

Alcoa Stock Down 0.1%

Shares of Alcoa stock opened at $48.69 on Thursday. Alcoa has a twelve month low of $28.11 and a twelve month high of $84.38. The stock has a market cap of $12.85 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.49 and a beta of 1.63. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average price of $63.28 and a 200 day moving average price of $62.68.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.20). The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the business earned $2.15 earnings per share. Equities research analysts forecast that Alcoa will post 7.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Institutional investors and hedge funds have recently made changes to their positions in the business. Checchi Capital Advisers LLC increased its stake in shares of Alcoa by 3.4% in the first quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock worth $341,000 after buying an additional 170 shares during the last quarter. Essential Partners LLC boosted its stake in Alcoa by 0.9% during the 1st quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company’s stock valued at $1,361,000 after acquiring an additional 193 shares during the last quarter. Prime Capital Investment Advisors LLC grew its holdings in Alcoa by 1.9% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 10,682 shares of the industrial products company’s stock worth $568,000 after acquiring an additional 204 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its holdings in Alcoa by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 57,940 shares of the industrial products company’s stock worth $3,079,000 after acquiring an additional 229 shares in the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 237 shares during the last quarter.

Alcoa News Summary

Here are the key news stories impacting Alcoa this week:

• Positive Sentiment: Wells Fargo raised its price target on Alcoa to $72 from $71 and reiterated an overweight rating, signaling confidence in the stock’s longer-term potential.
• Neutral Sentiment: J.P. Morgan initiated/maintained a hold view and set a new $55 price target, which is above the recent trading level but still suggests limited near-term conviction. Alcoa (AA) Receives a Hold from J.P. Morgan
• Neutral Sentiment: Alcoa is expected to report earnings soon, keeping the stock in focus for a potential catalyst if results or guidance surprise investors. Alcoa (AA) Expected to Post Earnings on Thursday
• Negative Sentiment: Zacks Research downgraded Alcoa from hold to strong sell, adding to bearish sentiment around the name. Alcoa Downgraded by Zacks Research
• Negative Sentiment: Bank of America cut its price target to $51 from $57 and kept an underperform rating, reflecting a more cautious view on valuation and near-term fundamentals. Alcoa (NYSE:AA) Price Target Lowered to $51.00 at Bank of America
• Negative Sentiment: J.P. Morgan also lowered its price target to $55 from $70 while keeping a neutral rating, reinforcing the recent downgrade trend. Alcoa price target lowered by JPMorgan
• Negative Sentiment: Alcoa was added to Zacks’ Strong Sell list, which may weigh on sentiment as investors look for signs of weakening expectations. New Strong Sell Stocks for July 9th
• Negative Sentiment: Morgan Stanley assigned an equal weight rating, which adds to the overall mixed-to-cautious analyst backdrop. Alcoa Receives Equal Weight Rating from Morgan Stanley

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.