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

Alcoa (NYSE:AA) had its price objective hoisted by equities researchers at Freedom Broker from $64.00 to $76.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s target price would indicate a potential upside of 67.39% from the company’s previous close.

AA has been the subject of several other research reports. JPMorgan Chase & Co. lowered their price objective on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. UBS Group decreased their price target 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. Wells Fargo & Company lowered their price target on shares of Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a report on Friday. B. Riley Financial dropped their price objective on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, Wall Street Zen raised Alcoa from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $61.42.

Alcoa Price Performance

Shares of AA stock traded up $0.76 during trading hours on Tuesday, hitting $45.40. 2,761,221 shares of the company’s stock were exchanged, compared to its average volume of 5,983,588. The stock’s 50-day moving average is $48.26 and its 200-day moving average is $58.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. The stock has a market cap of $11.98 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 0.50 and a beta of 1.63. Alcoa has a 52 week low of $30.81 and a 52 week high of $84.38.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.99 billion. Alcoa had a net margin of 9.48% and a return on equity of 18.90%. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, research analysts forecast that Alcoa will post 6.52 EPS for the current year.

Insider Activity at Alcoa

In other news, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the completion of the sale, the executive vice president owned 74,930 shares in the company, valued at $3,822,928.60. The trade was a 0.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Tammi Jones sold 15,628 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total transaction of $790,776.80. Following the sale, the executive vice president directly owned 39,819 shares of the company’s stock, valued at approximately $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AA. Basepoint Wealth LLC bought a new stake in Alcoa in the fourth quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Alcoa during the second quarter worth about $25,000. Caitong International Asset Management Co. Ltd boosted its holdings in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after buying an additional 581 shares during the last quarter. Western Wealth Management LLC acquired a new position in shares of Alcoa during the 1st quarter worth about $35,000. Finally, Clearstead Trust LLC grew its position in shares of Alcoa by 431.7% during the 4th quarter. Clearstead Trust LLC now owns 755 shares of the industrial products company’s stock worth $40,000 after buying an additional 613 shares during the period.

Alcoa Company Profile

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.