Alcoa Inc. (AA) Downgraded by Bank of America Corp.
Alcoa Inc. (NYSE:AA) was downgraded by equities research analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports.
A number of other analysts have also commented on AA. Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $30.00 target price on shares of Alcoa in a report on Monday. Credit Suisse Group AG set a $39.00 target price on Alcoa and gave the stock a “buy” rating in a report on Saturday. Morgan Stanley reissued an “overweight” rating and issued a $12.00 target price on shares of Alcoa in a report on Wednesday, October 5th. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Tuesday, October 4th. Finally, Seaport Global Securities began coverage on Alcoa in a report on Friday, September 9th. They issued a “neutral” rating and a $11.00 target price for the company. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $13.31.
Alcoa (NYSE:AA) traded down 11.42% during mid-day trading on Tuesday, hitting $27.91. The company had a trading volume of 32,648,351 shares. The firm’s 50 day moving average is $29.93 and its 200 day moving average is $29.86. The company’s market capitalization is $12.24 billion. 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 quarterly earnings data on Tuesday, October 11th. The company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 company earned $5.21 billion during the quarter, compared to analyst estimates of $5.33 billion. During the same quarter last year, the company earned $0.07 EPS. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, equities research analysts predict that Alcoa will post $0.44 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. Alcoa’s dividend payout ratio (DPR) is -42.85%.
In related news, Director Ulrich Schmidt acquired 5,000 shares of Alcoa stock in a transaction on Wednesday, July 20th. The shares were bought at an average cost of $10.40 per share, with a total value of $52,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $104,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Large investors have recently modified their holdings of the company. Bollard Group LLC boosted its stake in shares of Alcoa by 0.3% in the second quarter. Bollard Group LLC now owns 37,679 shares of the company’s stock valued at $349,000 after buying an additional 120 shares during the last quarter. Hollencrest Securities LLC boosted its stake in shares of Alcoa by 0.5% in the second quarter. Hollencrest Securities LLC now owns 41,420 shares of the company’s stock valued at $384,000 after buying an additional 204 shares during the last quarter. Washington Trust Bank boosted its stake in shares of Alcoa by 1.2% in the third quarter. Washington Trust Bank now owns 17,331 shares of the company’s stock valued at $176,000 after buying an additional 206 shares during the last quarter. Westport Resources Management Inc. boosted its stake in shares of Alcoa by 0.6% in the second quarter. Westport Resources Management Inc. now owns 45,540 shares of the company’s stock valued at $422,000 after buying an additional 250 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its stake in shares of Alcoa by 0.9% in the second quarter. Confluence Investment Management LLC now owns 29,368 shares of the company’s stock valued at $272,000 after buying an additional 267 shares during the last quarter.
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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