Alcoa Corp.’s (AA) Hold Rating Reaffirmed at Deutsche Bank AG
Alcoa Corp. (NYSE:AA)‘s stock had its “hold” rating restated by research analysts at Deutsche Bank AG in a note issued to investors on Wednesday. They currently have a $44.00 price target on the industrial products company’s stock. Deutsche Bank AG’s price target points to a potential upside of 13.93% from the company’s previous close.
AA has been the subject of several other research reports. Zacks Investment Research downgraded Alcoa Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, April 12th. BMO Capital Markets reissued a “buy” rating and set a $45.00 target price on shares of Alcoa Corp. in a research note on Friday, June 2nd. Morgan Stanley downgraded Alcoa Corp. from a “top pick” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $47.00 in a research note on Tuesday, June 27th. They noted that the move was a valuation call. Citigroup Inc. reissued a “buy” rating and set a $45.00 target price on shares of Alcoa Corp. in a research note on Saturday, July 22nd. Finally, ING Group raised Alcoa Corp. to a “buy” rating in a research note on Friday, June 23rd. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Alcoa Corp. has an average rating of “Buy” and a consensus target price of $39.00.
Alcoa Corp. (AA) traded down 2.43% during midday trading on Wednesday, reaching $38.62. 3,729,327 shares of the company’s stock traded hands. The company has a market cap of $7.12 billion and a P/E ratio of 43.59. The stock has a 50-day moving average of $34.44 and a 200 day moving average of $34.26. Alcoa Corp. has a 52-week low of $20.53 and a 52-week high of $39.78. Alcoa Corp. also was the recipient of unusually large options trading on Tuesday. Stock investors bought 20,670 call options on the stock. This is an increase of approximately 456% compared to the typical volume of 3,715 call options.
Alcoa Corp. (NYSE:AA) last issued its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. On average, analysts anticipate that Alcoa Corp. will post $2.80 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC purchased a new stake in Alcoa Corp. during the first quarter worth $133,000. Pacer Advisors Inc. increased its stake in Alcoa Corp. by 3.3% in the first quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock worth $142,000 after buying an additional 132 shares in the last quarter. NEXT Financial Group Inc increased its stake in Alcoa Corp. by 2.4% in the second quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock worth $146,000 after buying an additional 104 shares in the last quarter. Global X Management Co. LLC increased its stake in Alcoa Corp. by 220.6% in the second quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock worth $189,000 after buying an additional 3,993 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Alcoa Corp. by 42.3% in the first quarter. Van ECK Associates Corp now owns 5,566 shares of the industrial products company’s stock worth $191,000 after buying an additional 1,654 shares in the last quarter.
About Alcoa Corp.
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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