Alcoa Corp (NYSE:AA) has been given a $51.00 price target by research analysts at Cowen and Company in a note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the industrial products company’s stock. Cowen and Company’s target price points to a potential upside of 8.77% from the company’s previous close.
A number of other equities analysts also recently issued reports on AA. ING Group upgraded Alcoa Corp to a “buy” rating in a research note on Friday, June 23rd. Deutsche Bank AG restated a “hold” rating and issued a $44.00 price target (up from $37.00) on shares of Alcoa Corp in a research note on Sunday, June 25th. Morgan Stanley downgraded Alcoa Corp from a “top pick” rating to a “buy” rating and raised their price target for the stock from $43.00 to $47.00 in a research note on Tuesday, June 27th. They noted that the move was a valuation call. BMO Capital Markets set a $45.00 price target on Alcoa Corp and gave the stock a “buy” rating in a research note on Tuesday, July 4th. Finally, Citigroup Inc. restated a “buy” rating and issued a $45.00 price target on shares of Alcoa Corp in a research note on Saturday, July 22nd. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $47.83.
Alcoa Corp (AA) opened at 46.89 on Wednesday. The stock has a market cap of $8.64 billion and a PE ratio of 53.34. Alcoa Corp has a 52-week low of $20.00 and a 52-week high of $49.30. The firm has a 50-day moving average price of $45.96 and a 200 day moving average price of $45.96.
Alcoa Corp (NYSE:AA) last released its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp had a return on equity of 3.29% and a net margin of 1.63%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the business posted $0.15 EPS. On average, analysts forecast that Alcoa Corp will post $3.00 earnings per share for the current fiscal year.
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A number of large investors have recently bought and sold shares of AA. BlackRock Inc. raised its holdings in Alcoa Corp by 4,113.0% during 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 period. Old Mutual Global Investors UK Ltd. raised its holdings in Alcoa Corp by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after acquiring an additional 2,816,320 shares during the period. BT Investment Management Ltd bought a new stake in Alcoa Corp during the second quarter valued at about $83,380,000. Assenagon Asset Management S.A. bought a new stake in Alcoa Corp during the second quarter valued at about $63,686,000. Finally, Vanguard Group Inc. raised its holdings in Alcoa Corp by 14.5% during the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after acquiring an additional 1,885,745 shares during the period.
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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