Alcoa (AA) Upgraded to Hold by ValuEngine

ValuEngine upgraded shares of Alcoa (NYSE:AA) from a sell rating to a hold rating in a report published on Thursday.

A number of other research firms have also recently issued reports on AA. Zacks Investment Research cut Alcoa from a strong-buy rating to a hold rating in a research note on Thursday, October 4th. Berenberg Bank began coverage on Alcoa in a research report on Friday, September 21st. They set a buy rating and a $54.00 price objective for the company. Credit Suisse Group reduced their price objective on Alcoa from $65.00 to $58.00 and set an outperform rating for the company in a research report on Tuesday, September 25th. B. Riley raised Alcoa from a neutral rating to a buy rating and upped their price objective for the stock from $48.00 to $50.00 in a research report on Wednesday, September 12th. Finally, JPMorgan Chase & Co. upped their price objective on Alcoa to $79.00 and gave the stock an overweight rating in a research report on Thursday, October 18th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $56.00.

Alcoa stock traded down $0.43 on Thursday, reaching $28.55. The company’s stock had a trading volume of 3,839,338 shares, compared to its average volume of 3,115,355. The firm has a market cap of $5.43 billion, a P/E ratio of 9.49, a P/E/G ratio of 2.35 and a beta of 1.09. Alcoa has a twelve month low of $25.01 and a twelve month high of $62.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.40.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, October 17th. The industrial products company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a positive return on equity of 10.38% and a negative net margin of 0.09%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 earnings per share. On average, equities research analysts predict that Alcoa will post 3.47 earnings per share for the current year.

Alcoa announced that its board has authorized a stock buyback plan on Wednesday, October 17th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AA. Cerebellum GP LLC boosted its stake in Alcoa by 8.1% during the 4th quarter. Cerebellum GP LLC now owns 4,798 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 361 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Alcoa by 2.0% during the 4th quarter. State of Alaska Department of Revenue now owns 19,844 shares of the industrial products company’s stock valued at $527,000 after purchasing an additional 380 shares during the last quarter. United Services Automobile Association boosted its stake in Alcoa by 5.2% during the 2nd quarter. United Services Automobile Association now owns 28,591 shares of the industrial products company’s stock valued at $1,340,000 after purchasing an additional 1,402 shares during the last quarter. Banco de Sabadell S.A boosted its stake in Alcoa by 24.1% during the 2nd quarter. Banco de Sabadell S.A now owns 8,999 shares of the industrial products company’s stock valued at $420,000 after purchasing an additional 1,749 shares during the last quarter. Finally, BP PLC boosted its stake in Alcoa by 9.1% during the 3rd quarter. BP PLC now owns 24,000 shares of the industrial products company’s stock valued at $969,000 after purchasing an additional 2,000 shares during the last quarter.

Alcoa Company Profile

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.

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Analyst Recommendations for Alcoa (NYSE:AA)

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