Alcoa Inc. (AA) Given Neutral Rating at Goldman Sachs Group Inc.
Alcoa Inc. (NYSE:AA)‘s stock had its “neutral” rating reissued by research analysts at Goldman Sachs Group Inc. in a research note issued on Monday. They presently have a $30.00 price target on the stock. Goldman Sachs Group Inc.’s target price points to a potential downside of 4.79% from the company’s current price.
Several other brokerages have also recently weighed in on AA. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, October 4th. Morgan Stanley reissued a “buy” rating and set a $12.00 price objective on shares of Alcoa in a report on Tuesday, August 16th. Credit Suisse Group AG reissued a “buy” rating on shares of Alcoa in a report on Tuesday, July 12th. Berenberg Bank reissued a “hold” rating and set a $9.00 price objective on shares of Alcoa in a report on Thursday, June 30th. Finally, Bank of America Corp. reissued a “buy” rating on shares of Alcoa in a report on Friday, June 17th. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $13.31.
Alcoa (NYSE:AA) traded up 0.45% during mid-day trading on Monday, hitting $31.51. 9,119,039 shares of the company traded hands. Alcoa has a one year low of $18.42 and a one year high of $34.50. The company’s 50-day moving average price is $29.93 and its 200 day moving average price is $29.86. The company’s market capitalization is $13.82 billion.
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Alcoa (NYSE:AA) last issued its quarterly earnings results on Monday, July 11th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.06. The business had revenue of $5.30 billion for the quarter. Alcoa had a negative net margin of 1.45% and a positive return on equity of 3.44%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. On average, analysts anticipate that Alcoa will post $0.44 earnings per share for the current fiscal year.
The firm also recently announced 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. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.38%. Alcoa’s payout ratio is -42.85%.
In other news, Director Ulrich Schmidt purchased 5,000 shares of Alcoa stock in a transaction on Wednesday, July 20th. The stock was purchased at an average price of $10.40 per share, with a total value of $52,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $104,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.
Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Alcoa by 2.9% in the second quarter. Vanguard Group Inc. now owns 118,489,630 shares of the company’s stock worth $1,098,398,000 after buying an additional 3,387,829 shares during the period. First Pacific Advisors LLC increased its position in Alcoa by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the company’s stock worth $597,509,000 after buying an additional 7,650,380 shares during the period. Orbis Allan Gray Ltd purchased a new position in Alcoa during the first quarter worth $374,584,000. BlackRock Institutional Trust Company N.A. increased its position in Alcoa by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 34,741,129 shares of the company’s stock worth $322,050,000 after buying an additional 1,074,056 shares during the period. Finally, BlackRock Group LTD increased its position in Alcoa by 0.4% in the first quarter. BlackRock Group LTD now owns 13,821,640 shares of the company’s stock worth $132,411,000 after buying an additional 55,116 shares during the period.
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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