Alcoa Assigned “BB+” Credit Rating by Morningstar (AA)
Alcoa (NYSE:AA) has received a “BB+” credit rating from Morningstar. The agency’s “BB+” rating suggests that the company is an above-average default risk. They also issued a positive credit outlook for the company and gave their stock a three star rating.
Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company raised their price target on shares of Alcoa from $12.00 to $16.00 in a research note on Tuesday, August 12th. They now have a “market perform” rating on the stock. Separately, analysts at Goldman Sachs raised their price target on shares of Alcoa from $17.00 to $20.00 in a research note on Tuesday, July 29th. They now have a “buy” rating on the stock. Finally, analysts at Macquarie raised their price target on shares of Alcoa from $10.00 to $11.00 in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $15.50.
Alcoa (NYSE:AA) traded up 0.24% on Monday, hitting $16.61. The stock had a trading volume of 9,158,754 shares. Alcoa has a 52 week low of $7.70 and a 52 week high of $17.22. The stock’s 50-day moving average is $16.47 and its 200-day moving average is $14.01. The company’s market cap is $19.539 billion. Alcoa also saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 64,081,888 shares, an increase of 5.7% from the July 31st total of 60,616,224 shares. Approximately 5.5% of the shares of the company are short sold. Based on an average daily volume of 13,006,932 shares, the days-to-cover ratio is currently 4.9 days.
Alcoa (NYSE:AA) last announced its earnings results on Tuesday, July 8th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters 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 $0.61 EPS for the current fiscal year.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
To view more credit ratings from Morningstar, visit www.morningstar.com.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.