Alcoa Corp. (NYSE:AA) has been assigned a $45.00 price objective by BMO Capital Markets in a research report issued to clients and investors on Saturday. The firm presently has a “buy” rating on the industrial products company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 20.26% from the stock’s previous close.
AA has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Alcoa Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, April 12th. Morgan Stanley downgraded shares of Alcoa Corp. from a “top pick” rating to a “buy” rating and raised their target price for the stock from $43.00 to $47.00 in a report on Tuesday, June 27th. They noted that the move was a valuation call. Citigroup Inc. restated a “buy” rating and set a $45.00 target price on shares of Alcoa Corp. in a report on Saturday, July 22nd. ING Group upgraded shares of Alcoa Corp. to a “buy” rating in a report on Friday, June 23rd. Finally, Clarkson Capital restated a “buy” rating on shares of Alcoa Corp. in a report on Thursday, July 20th. Five analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Alcoa Corp. presently has an average rating of “Buy” and a consensus price target of $38.83.
Shares of Alcoa Corp. (AA) opened at 37.42 on Friday. The stock’s 50 day moving average is $33.95 and its 200-day moving average is $34.19. The firm has a market cap of $6.89 billion and a price-to-earnings ratio of 42.23. Alcoa Corp. has a 12-month low of $20.00 and a 12-month high of $39.78.
Alcoa Corp. (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.28%. Alcoa Corp.’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the company posted $0.15 EPS. On average, analysts anticipate that Alcoa Corp. will post $2.80 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Alcoa Corp. by 4,113.0% in the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock valued at $234,632,000 after buying an additional 6,658,703 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Alcoa Corp. by 192.6% in the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock valued at $133,111,000 after buying an additional 2,547,180 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Alcoa Corp. during the second quarter valued at $63,686,000. Systematic Financial Management LP purchased a new position in Alcoa Corp. during the first quarter valued at $61,674,000. Finally, Renaissance Technologies LLC boosted its position in Alcoa Corp. by 83.3% in the first quarter. Renaissance Technologies LLC now owns 3,503,996 shares of the industrial products company’s stock valued at $120,537,000 after buying an additional 1,592,700 shares in the last quarter.
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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