Alcoa (NYSE:AA) Price Target Lowered to $80.00 at B. Riley Financial

Alcoa (NYSE:AA) had its price objective reduced by equities research analysts at B. Riley Financial from $92.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. B. Riley Financial’s price target points to a potential upside of 60.32% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 target price on shares of Alcoa in a research note on Wednesday, July 1st. Weiss Ratings upgraded Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. lifted their price objective on shares of Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Wells Fargo & Company decreased their target price on shares of Alcoa from $82.00 to $71.00 and set an “overweight” rating for the company in a research note on Thursday, June 25th. Finally, Argus set a $73.00 price target on shares of Alcoa in a research note on Monday, April 27th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $66.36.

Alcoa Trading Up 2.5%

Alcoa stock opened at $49.90 on Tuesday. The stock has a market cap of $13.17 billion, a PE ratio of 12.63 and a beta of 1.63. Alcoa has a 52 week low of $28.11 and a 52 week high of $84.38. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $64.56 and a 200 day moving average price of $62.78.

Alcoa (NYSE:AA) last released its earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). Alcoa had a return on equity of 12.57% and a net margin of 8.27%.The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter last year, the company posted $2.15 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities research analysts predict that Alcoa will post 7.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Large investors have recently made changes to their positions in the company. Nordea Investment Management AB grew its position in shares of Alcoa by 187.7% during the fourth quarter. Nordea Investment Management AB now owns 408,624 shares of the industrial products company’s stock worth $21,902,000 after acquiring an additional 266,574 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new position in Alcoa during the 3rd quarter valued at about $5,606,000. Moran Wealth Management LLC acquired a new position in Alcoa during the 4th quarter valued at about $2,631,000. Merit Financial Group LLC grew its position in Alcoa by 114.2% in the 4th quarter. Merit Financial Group LLC now owns 28,945 shares of the industrial products company’s stock worth $1,538,000 after purchasing an additional 15,432 shares during the last quarter. Finally, Alphadyne Asset Management LP bought a new position in Alcoa in the 3rd quarter worth about $2,467,000.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.