Alcoa (NYSE:AA) Stock Gets Price Target Cut from Citigroup

Alcoa (NYSE:AA) had its price target lowered by research analysts at Citigroup from $76.00 to $56.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 37.46% from the company’s previous close.

AA has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Alcoa in a research note on Monday, September 14th. Bank of America dropped their target price on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research report on Thursday, July 9th. Argus cut their price target on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded Alcoa from a “strong sell” rating to a “hold” rating in a research note on Monday, September 14th. 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’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.23.

Alcoa Price Performance

Shares of NYSE:AA traded down $0.93 during trading on Tuesday, reaching $40.74. 2,951,007 shares of the company traded hands, compared to its average volume of 5,876,852. The firm has a market capitalization of $10.75 billion, a PE ratio of 7.04, a PEG ratio of 0.51 and a beta of 1.74. Alcoa has a 52 week low of $35.12 and a 52 week high of $84.38. The company has a quick ratio of 1.66, a current ratio of 2.31 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $46.72 and its two-hundred day moving average is $55.82.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Alcoa had a return on equity of 24.58% and a net margin of 10.77%. Alcoa’s revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the business earned $0.88 earnings per share. As a group, sell-side analysts predict that Alcoa will post 6.69 earnings per share for the current year.

Insider Activity at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 700 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $51.02, for a total value of $35,714.00. Following the sale, the executive vice president owned 74,930 shares in the company, valued at $3,822,928.60. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Tammi Jones sold 15,628 shares of the business’s stock in a transaction 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 in the company, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their position. The SEC filing for this sale provides additional information.

Institutional Investors Weigh In On Alcoa

Several hedge funds have recently modified their holdings of AA. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Alcoa in the 2nd quarter worth about $25,000. Caitong International Asset Management Co. Ltd raised its position in Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the last quarter. Western Wealth Management LLC acquired a new stake in shares of Alcoa during the first quarter valued at about $35,000. Orion Capital Management LLC acquired a new stake in shares of Alcoa during the second quarter valued at about $52,000. Finally, Costello Asset Management INC acquired a new stake in shares of Alcoa during the first quarter valued at about $53,000.

About Alcoa

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 value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.