Citigroup Inc. Reaffirms Buy Rating for Alcoa Corp (AA)
Alcoa Corp (NYSE:AA)‘s stock had its “buy” rating restated by equities research analysts at Citigroup Inc. in a report released on Friday, Marketbeat reports. They presently have a $55.00 price target on the industrial products company’s stock, up from their prior price target of $53.00. Citigroup Inc.’s target price suggests a potential upside of 14.75% from the company’s previous close.
Several other equities analysts have also recently weighed in on AA. ING Group raised shares of Alcoa Corp to a “buy” rating in a research report on Friday, June 23rd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $44.00 price target (up previously from $37.00) on shares of Alcoa Corp in a research report on Sunday, June 25th. Morgan Stanley cut shares of Alcoa Corp from a “top pick” rating to a “buy” rating and raised their price target for the company from $43.00 to $47.00 in a research report on Tuesday, June 27th. They noted that the move was a valuation call. BMO Capital Markets set a $45.00 price target on shares of Alcoa Corp and gave the company a “buy” rating in a research report on Tuesday, July 4th. Finally, Clarkson Capital reaffirmed a “buy” rating on shares of Alcoa Corp in a research report on Thursday, July 20th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $49.88.
Alcoa Corp (NYSE:AA) traded up 2.99% during mid-day trading on Friday, hitting $47.93. The company had a trading volume of 4,209,075 shares. The firm has a market capitalization of $8.84 billion and a PE ratio of 54.53. Alcoa Corp has a 12-month low of $20.00 and a 12-month high of $49.30. The company’s 50 day moving average price is $46.37 and its 200-day moving average price is $46.37.
Alcoa Corp (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.05). Alcoa Corp had a net margin of 2.61% and a return on equity of 4.91%. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the previous year, the business posted $0.32 EPS. Alcoa Corp’s revenue was up 27.3% compared to the same quarter last year. On average, analysts forecast that Alcoa Corp will post $3.15 EPS for the current fiscal year.
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Several hedge funds have recently modified their holdings of AA. AXA purchased a new stake in shares of Alcoa Corp during the 1st quarter worth approximately $206,000. Principal Financial Group Inc. increased its stake in shares of Alcoa Corp by 5.7% during the 1st quarter. Principal Financial Group Inc. now owns 25,052 shares of the industrial products company’s stock worth $862,000 after purchasing an additional 1,349 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Alcoa Corp by 62.4% during the 1st quarter. Wellington Management Group LLP now owns 308,248 shares of the industrial products company’s stock worth $10,603,000 after purchasing an additional 118,479 shares during the last quarter. FMR LLC increased its stake in shares of Alcoa Corp by 24.3% during the 1st quarter. FMR LLC now owns 1,298,555 shares of the industrial products company’s stock worth $44,670,000 after purchasing an additional 253,555 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in shares of Alcoa Corp by 185.2% during the 1st quarter. Teachers Advisors LLC now owns 444,056 shares of the industrial products company’s stock worth $15,276,000 after purchasing an additional 288,380 shares during the last quarter.
Alcoa Corp Company Profile
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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