Alcoa (NYSE:AA) was upgraded by analysts at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $61.00 price target on the industrial products company’s stock, up from their previous price target of $42.00. Credit Suisse Group’s price objective points to a potential upside of 23.83% from the stock’s current price.
Several other analysts also recently commented on the company. Morgan Stanley set a $55.00 price objective on Alcoa and gave the company a “buy” rating in a research note on Tuesday. Citigroup set a $55.00 price objective on Alcoa and gave the company a “buy” rating in a research note on Wednesday, November 29th. BMO Capital Markets reaffirmed a “buy” rating and set a $60.00 price objective on shares of Alcoa in a research note on Wednesday, November 15th. J P Morgan Chase & Co reiterated a “buy” rating and set a $60.00 target price on shares of Alcoa in a research report on Thursday, October 19th. Finally, Berenberg Bank set a $44.00 target price on Alcoa and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $52.74.
Alcoa (AA) traded up $2.74 during trading on Wednesday, hitting $49.26. The stock had a trading volume of 7,163,311 shares, compared to its average volume of 4,146,153. Alcoa has a fifty-two week low of $28.01 and a fifty-two week high of $50.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 0.90. The stock has a market cap of $8,246.47 and a P/E ratio of 21.12.
A number of large investors have recently made changes to their positions in AA. Huntington National Bank acquired a new stake in Alcoa during the 3rd quarter valued at $112,000. Pacer Advisors Inc. grew its holdings in Alcoa by 8.4% during the 2nd quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock valued at $147,000 after buying an additional 348 shares during the last quarter. Global X Management Co. LLC grew its holdings in Alcoa by 220.6% during the 2nd quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock valued at $189,000 after buying an additional 3,993 shares during the last quarter. Van ECK Associates Corp grew its holdings in Alcoa by 3.8% during the 2nd quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock valued at $189,000 after buying an additional 213 shares during the last quarter. Finally, Lincoln National Corp grew its holdings in Alcoa by 3.9% during the 2nd quarter. Lincoln National Corp now owns 6,154 shares of the industrial products company’s stock valued at $201,000 after buying an additional 233 shares during the last quarter.
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About Alcoa
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.
