Alcoa Inc. (AA) Downgraded by Bank of America Corp. to “Neutral”
Alcoa Inc. (NYSE:AA) was downgraded by equities researchers at Bank of America Corp. from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, The Fly reports.
Several other equities analysts have also recently weighed in on AA. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Alcoa in a research note on Thursday, June 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 price target on shares of Alcoa in a research note on Wednesday, June 15th. Macquarie reaffirmed a “buy” rating on shares of Alcoa in a research note on Tuesday, July 12th. Morgan Stanley reaffirmed a “buy” rating and set a $12.00 price target on shares of Alcoa in a research note on Tuesday, August 16th. Finally, Zacks Investment Research raised shares of Alcoa from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Tuesday, October 4th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $13.31.
Alcoa (NYSE:AA) traded down 11.42% during trading on Tuesday, reaching $27.91. 32,656,998 shares of the company traded hands. The company’s 50-day moving average is $29.93 and its 200 day moving average is $29.86. Alcoa has a 12 month low of $18.42 and a 12 month high of $34.50. The company’s market cap is $12.24 billion.
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Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The business earned $5.21 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same period in the prior year, the business earned $0.07 EPS. Alcoa’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, analysts anticipate that Alcoa will post $0.44 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio is presently -42.85%.
In other Alcoa news, Director Ulrich Schmidt bought 5,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The shares were purchased at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $104,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
Several hedge funds have recently added to or reduced their stakes in the company. Cupps Capital Management LLC purchased a new stake in Alcoa during the first quarter valued at $109,000. Citizens Financial Group Inc RI boosted its stake in Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock valued at $109,000 after buying an additional 1,401 shares during the period. AXA purchased a new stake in Alcoa during the first quarter valued at $115,000. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Alcoa during the second quarter valued at $121,000. Finally, Savant Capital LLC boosted its stake in Alcoa by 21.9% in the second quarter. Savant Capital LLC now owns 13,125 shares of the company’s stock valued at $122,000 after buying an additional 2,360 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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