Alcoa Corp’s (AA) “Buy” Rating Reaffirmed at Citigroup Inc
Alcoa Corp (NYSE:AA)‘s stock had its “buy” rating restated by equities researchers at Citigroup Inc in a research note issued to investors on Friday. They presently have a $45.00 price target on the industrial products company’s stock. Citigroup Inc’s price target indicates a potential upside of 39.36% from the stock’s previous close.
Several other brokerages also recently issued reports on AA. Morgan Stanley upped their price objective on Alcoa Corp from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, March 14th. Zacks Investment Research downgraded Alcoa Corp from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 3rd. Vetr upgraded Alcoa Corp from a “hold” rating to a “buy” rating and set a $37.78 price objective on the stock in a research report on Tuesday, March 7th. Berenberg Bank restated a “hold” rating and issued a $27.00 price objective on shares of Alcoa Corp in a research report on Tuesday, January 24th. Finally, Goldman Sachs Group Inc upgraded Alcoa Corp from a “neutral” rating to a “buy” rating in a research report on Monday, March 6th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $36.12.
Shares of Alcoa Corp (NYSE:AA) opened at 32.29 on Friday. Alcoa Corp has a 52 week low of $20.00 and a 52 week high of $39.78. The firm has a 50 day moving average price of $32.71 and a 200-day moving average price of $32.71. The firm has a market capitalization of $5.95 billion and a P/E ratio of 173.60.
Alcoa Corp (NYSE:AA) last issued its quarterly earnings data on Monday, April 24th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.15. The company had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the prior year, the company earned $0.07 earnings per share. The firm’s revenue was up 24.7% compared to the same quarter last year. Equities research analysts predict that Alcoa Corp will post $2.85 EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the company. Virginia Retirement Systems ET AL purchased a new stake in shares of Alcoa Corp during the third quarter valued at approximately $3,511,000. Mizuho Trust & Banking Co. Ltd. raised its stake in shares of Alcoa Corp by 2.6% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 2,204,641 shares of the industrial products company’s stock valued at $22,355,000 after buying an additional 55,972 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Alcoa Corp by 2.6% in the third quarter. Nordea Investment Management AB now owns 1,336,205 shares of the industrial products company’s stock valued at $13,549,000 after buying an additional 33,563 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Alcoa Corp during the third quarter valued at approximately $747,000. Finally, NEXT Financial Group Inc raised its stake in shares of Alcoa Corp by 1,003.0% in the third quarter. NEXT Financial Group Inc now owns 25,016 shares of the industrial products company’s stock valued at $254,000 after buying an additional 22,748 shares in the last quarter.
About Alcoa Corp
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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