Alcoa Stock Rating Upgraded by Barclays Capital (AA)
Alcoa (NYSE:AA) was upgraded by research analysts at Barclays Capital from an “underweight” rating to a “market weight” rating in a report released on Wednesday, AnalystRatingsNetwork reports.
Shares of Alcoa (NYSE:AA) traded up 2.02% on Wednesday, hitting $8.10. The stock had a trading volume of 66,321,448 shares. Alcoa has a 52-week low of $7.63 and a 52-week high of $9.37. The stock has a 50-day moving average of $8.06 and a 200-day moving average of $8.18. The company has a market cap of $8.663 billion and a P/E ratio of 66.72. Alcoa also was the recipient of unusually large options trading on Monday. Stock traders bought 28,824 call options on the stock. This is an increase of 190% compared to the average daily volume of 9,949 call options.
Alcoa (NYSE:AA) last posted its quarterly earnings results on Tuesday, October 8th. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.06 by $0.05. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company posted $0.03 earnings per share. Alcoa’s revenue was down 1.2% compared to the same quarter last year. On average, analysts predict that Alcoa will post $0.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, November 25th. Investors of record on Friday, November 8th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Wednesday, November 6th.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Alcoa in a research note to investors on Tuesday. Separately, analysts at Morgan Stanley downgraded shares of Alcoa from an “overweight” rating to an “equal weight” rating in a research note to investors on Monday. They now have a $9.00 price target on the stock, down previously from $10.00. Finally, analysts at RBC Capital reiterated an “underperform” rating on shares of Alcoa in a research note to investors on Friday, October 4th. They now have a $9.00 price target on the stock. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $8.40.
Alcoa Inc (NYSE:AA) is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its participation in technology, mining, refining, smelting, fabricating, and recycling.
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