Morgan Stanley Reiterates “Overweight” Rating for Alcoa Inc. (AA)
Alcoa Inc. (NYSE:AA)‘s stock had its “overweight” rating reaffirmed by Morgan Stanley in a research note issued to investors on Wednesday. They currently have a $12.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential downside of 61.75% from the stock’s previous close.
Other research analysts also recently issued research reports about the company. Bank of America Corp. reissued a “buy” rating and issued a $11.00 target price on shares of Alcoa in a report on Tuesday, July 12th. Credit Suisse Group AG reissued a “buy” rating on shares of Alcoa in a report on Thursday, June 30th. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 target price on shares of Alcoa in a report on Wednesday, June 15th. Macquarie reissued a “buy” rating on shares of Alcoa in a report on Tuesday, July 12th. Finally, Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Alcoa presently has an average rating of “Buy” and a consensus target price of $11.10.
Shares of Alcoa (NYSE:AA) traded down 1.29% on Wednesday, hitting $31.37. The stock had a trading volume of 7,858,603 shares. The stock’s market capitalization is $41.26 billion. The firm has a 50-day moving average price of $29.91 and a 200-day moving average price of $29.82. Alcoa has a 52 week low of $18.42 and a 52 week high of $34.50.
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Alcoa (NYSE:AA) last posted its earnings results on Monday, July 11th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The company had revenue of $5.30 billion for the quarter. During the same period in the prior year, the company posted $0.19 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. Equities analysts expect that Alcoa will post $0.44 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 4th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio is currently -42.85%.
In other Alcoa news, Director Ulrich Schmidt purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The stock was purchased at an average cost of $10.40 per share, with a total value of $52,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at $104,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Large investors have recently modified their holdings of the company. Cupps Capital Management LLC purchased a new stake in shares of Alcoa during the first quarter worth $109,000. Citizens Financial Group Inc RI raised its stake in shares of Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock worth $109,000 after buying an additional 1,401 shares during the period. AXA purchased a new stake in shares of Alcoa during the first quarter worth $115,000. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in shares of Alcoa during the second quarter worth $121,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in shares of Alcoa during the first quarter worth $122,000.
Alcoa Company Profile
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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