Bank of America Corp. reiterated their buy rating on shares of Alcoa Inc. (NYSE:AA) in a research note published on Wednesday morning. Bank of America Corp. currently has a $33.00 price objective on the stock.
AA has been the topic of several other reports. Argus reissued a hold rating on shares of Alcoa in a research note on Friday, July 15th. Morgan Stanley reaffirmed a buy rating and issued a $12.00 price target on shares of Alcoa in a research note on Tuesday, August 16th. Seaport Global Securities began coverage on Alcoa in a research note on Friday, September 9th. They issued a neutral rating and a $11.00 price target on the stock. JPMorgan Chase & Co. reaffirmed a hold rating on shares of Alcoa in a research note on Tuesday, July 12th. Finally, Cowen and Company reaffirmed a hold rating on shares of Alcoa in a research note on Tuesday, July 12th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Alcoa has an average rating of Buy and a consensus target price of $17.74.
Shares of Alcoa (NYSE:AA) traded down 1.140% during trading on Wednesday, reaching $26.801. The company’s stock had a trading volume of 5,645,052 shares. Alcoa has a one year low of $18.42 and a one year high of $34.50. The firm’s market cap is $11.75 billion. The stock’s 50 day moving average is $29.72 and its 200 day moving average is $29.83.
Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.21. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. The firm had revenue of $5.21 billion for the quarter. During the same period last year, the firm posted $0.07 earnings per share. Alcoa’s quarterly revenue was down 6.5% on a year-over-year basis. On average, equities analysts forecast that Alcoa will post $0.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s payout ratio is -63.15%.
In related news, Director Ulrich Schmidt purchased 5,000 shares of Alcoa stock in a transaction on Wednesday, July 20th. The stock was acquired at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $104,000. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.
A number of hedge funds have recently modified their holdings of the company. CIBC World Markets Inc. bought a new stake in shares of Alcoa during the first quarter worth approximately $278,000. Ngam Advisors L.P. boosted its stake in shares of Alcoa by 16.6% in the first quarter. Ngam Advisors L.P. now owns 157,575 shares of the company’s stock worth $1,510,000 after buying an additional 22,423 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Alcoa by 39.7% in the first quarter. TIAA CREF Investment Management LLC now owns 5,002,753 shares of the company’s stock worth $47,926,000 after buying an additional 1,421,744 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Alcoa by 47.6% in the first quarter. Prudential Financial Inc. now owns 2,732,470 shares of the company’s stock worth $26,177,000 after buying an additional 881,400 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Alcoa by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 33,667,073 shares of the company’s stock worth $322,531,000 after buying an additional 353,481 shares during the last quarter.
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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