Alcoa (AA) Upgraded to “Strong-Buy” by Zacks Investment Research
Alcoa (NYSE:AA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $48.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 16.42% from the stock’s current price.
According to Zacks, “Alcoa is a global industry leader in bauxite, alumina and aluminum products. “
AA has been the subject of a number of other reports. Deutsche Bank decreased their price target on Alcoa from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, July 24th. Berenberg Bank assumed coverage on Alcoa in a research note on Friday. They set a “buy” rating and a $54.00 price target for the company. B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and raised their price target for the stock from $48.00 to $50.00 in a research note on Wednesday, September 12th. ValuEngine lowered Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th. Finally, Jefferies Financial Group set a $65.00 price objective on Alcoa and gave the stock a “buy” rating in a report on Thursday, July 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $61.12.
Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, July 18th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.19. The business had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.49 billion. Alcoa had a return on equity of 10.30% and a net margin of 1.11%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period last year, the company earned $0.62 EPS. analysts expect that Alcoa will post 4.22 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in AA. Aperio Group LLC grew its stake in Alcoa by 13.2% during the 1st quarter. Aperio Group LLC now owns 54,061 shares of the industrial products company’s stock worth $2,431,000 after buying an additional 6,302 shares during the last quarter. Neuberger Berman Group LLC lifted its position in Alcoa by 262.8% during the 1st quarter. Neuberger Berman Group LLC now owns 24,461 shares of the industrial products company’s stock worth $1,100,000 after acquiring an additional 17,718 shares during the period. Federated Investors Inc. PA lifted its position in Alcoa by 56.2% during the 1st quarter. Federated Investors Inc. PA now owns 6,454 shares of the industrial products company’s stock worth $290,000 after acquiring an additional 2,323 shares during the period. Employees Retirement System of Texas acquired a new stake in Alcoa during the 1st quarter worth about $6,519,000. Finally, Dimensional Fund Advisors LP lifted its position in Alcoa by 9.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,042,140 shares of the industrial products company’s stock worth $136,775,000 after acquiring an additional 274,757 shares during the period.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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