Alcoa Corp (AA) Rating Reiterated by Morgan Stanley
Alcoa Corp (NYSE:AA)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a research note issued on Wednesday. They currently have a $47.00 target price on the industrial products company’s stock. Morgan Stanley’s price target would suggest a potential downside of 1.05% from the stock’s previous close.
AA has been the subject of several other research reports. Deutsche Bank AG upgraded shares of Alcoa Corp from a “hold” rating to a “buy” rating and raised their target price for the stock from $4.00 to $60.00 in a report on Tuesday, September 12th. Citigroup Inc. restated a “buy” rating and issued a $45.00 target price on shares of Alcoa Corp in a report on Saturday, July 22nd. BMO Capital Markets restated a “buy” rating and issued a $45.00 target price on shares of Alcoa Corp in a report on Friday, June 2nd. Zacks Investment Research upgraded shares of Alcoa Corp from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Thursday, September 14th. Finally, Macquarie began coverage on shares of Alcoa Corp in a report on Thursday, September 7th. They issued an “outperform” rating for the company. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Alcoa Corp has an average rating of “Buy” and an average target price of $43.44.
Alcoa Corp (NYSE:AA) traded down 1.77% during mid-day trading on Wednesday, reaching $45.43. 1,488,680 shares of the company’s stock traded hands. Alcoa Corp has a 12-month low of $20.00 and a 12-month high of $46.44. The stock has a 50-day moving average price of $44.87 and a 200-day moving average price of $44.87. The stock has a market capitalization of $8.37 billion and a PE ratio of 51.68.
Alcoa Corp (NYSE:AA) last issued its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the company posted $0.15 EPS. The business’s revenue was up 23.1% on a year-over-year basis. Equities research analysts expect that Alcoa Corp will post $2.93 EPS for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. WINTON GROUP Ltd lifted its stake in Alcoa Corp by 55.5% during the 2nd quarter. WINTON GROUP Ltd now owns 33,950 shares of the industrial products company’s stock valued at $1,108,000 after acquiring an additional 12,111 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Alcoa Corp by 26.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 74,910 shares of the industrial products company’s stock valued at $2,446,000 after acquiring an additional 15,790 shares during the period. BW Gestao de Investimentos Ltda. acquired a new stake in Alcoa Corp during the 2nd quarter valued at approximately $11,846,000. California State Teachers Retirement System lifted its stake in Alcoa Corp by 13.7% during the 2nd quarter. California State Teachers Retirement System now owns 341,520 shares of the industrial products company’s stock valued at $11,151,000 after acquiring an additional 41,261 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Alcoa Corp by 0.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 35,996 shares of the industrial products company’s stock valued at $1,175,000 after acquiring an additional 104 shares during the period.
Alcoa Corp Company Profile
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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