Alcoa Corp (AA) Cut to “Hold” at Gabelli
Alcoa Corp (NYSE:AA) was downgraded by analysts at Gabelli from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, The Fly reports.
AA has been the topic of a number of other reports. Berenberg Bank cut Alcoa Corp from a “buy” rating to a “hold” rating and increased their target price for the stock from $41.00 to $44.00 in a report on Friday, September 22nd. Morgan Stanley reissued an “overweight” rating and set a $47.00 target price on shares of Alcoa Corp in a research report on Wednesday, September 20th. Citigroup Inc. reaffirmed a “buy” rating and issued a $53.00 price target on shares of Alcoa Corp in a research report on Friday, September 29th. BMO Capital Markets boosted their price objective on Alcoa Corp from $45.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 13th. Finally, Zacks Investment Research upgraded Alcoa Corp from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, September 14th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Alcoa Corp currently has a consensus rating of “Buy” and an average price target of $44.63.
Shares of Alcoa Corp (NYSE AA) opened at 48.31 on Wednesday. The firm has a market capitalization of $8.91 billion and a price-to-earnings ratio of 54.96. Alcoa Corp has a 12 month low of $20.00 and a 12 month high of $48.33. The company has a 50-day moving average price of $45.53 and a 200-day moving average price of $45.53.
Alcoa Corp (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The company’s revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS. Equities analysts forecast that Alcoa Corp will post $2.96 EPS for the current fiscal year.
Large investors have recently modified their holdings of the company. Orbis Allan Gray Ltd bought a new stake in shares of Alcoa Corp during the 1st quarter worth $374,584,000. Norges Bank bought a new position in Alcoa Corp in the fourth quarter valued at $271,250,000. First Pacific Advisors LLC increased its stake in Alcoa Corp by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the industrial products company’s stock valued at $597,509,000 after acquiring an additional 7,650,380 shares during the last quarter. Slate Path Capital LP bought a new position in Alcoa Corp in the second quarter valued at $65,261,000. Finally, BlackRock Inc. increased its stake in Alcoa Corp by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after acquiring an additional 6,658,703 shares during 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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