Alcoa Hits New 12-Month High Following Analyst Upgrade (AA)
Alcoa (NYSE:AA) reached a new 52-week high during trading on Friday after Macquarie raised their price target on the stock from $10.00 to $11.00, Analyst Ratings Net reports. The company traded as high as $15.97 and last traded at $15.95, with a volume of 14,082,775 shares. The stock had previously closed at $15.62.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet upgraded shares of Alcoa from a “hold” rating to a “buy” rating in a research note on Thursday. Separately, analysts at ISI Group reiterated a “buy” rating on shares of Alcoa in a research note on Thursday. Finally, analysts at Morgan Stanley upgraded shares of Alcoa from an “equal weight” rating to an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $14.79.
The stock’s 50-day moving average is $14.36 and its 200-day moving average is $12.65. The company’s market cap is $18.751 billion. Alcoa also saw some unusual options trading activity on Thursday. Investors purchased 32,780 call options on the company. This represents an increase of 167% compared to the typical daily volume of 12,273 call options.
Alcoa (NYSE:AA) last announced its earnings results on Tuesday, July 8th. The company reported $0.18 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.12 by $0.06. The company had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $0.07 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. Analysts expect that Alcoa will post $0.52 EPS for the current fiscal year.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
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