Credit Suisse Group assumed coverage on shares of Alcoa Corp. (NYSE:AA) in a report released on Wednesday morning, Marketbeat reports. The firm issued a neutral rating and a $42.00 price objective on the industrial products company’s stock.
Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Alcoa Corp. from a hold rating to a buy rating and set a $38.00 price objective on the stock in a research report on Tuesday, April 11th. Cowen and Company upped their price target on Alcoa Corp. from $29.00 to $35.00 and gave the stock an outperform rating in a research note on Wednesday, April 19th. Citigroup Inc. restated a buy rating and set a $45.00 price target on shares of Alcoa Corp. in a research note on Friday, May 19th. Clarkson Capital initiated coverage on Alcoa Corp. in a research note on Monday, May 22nd. They set a buy rating and a $43.00 price target for the company. Finally, BMO Capital Markets restated a buy rating and set a $45.00 price target on shares of Alcoa Corp. in a research note on Friday, June 2nd. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Alcoa Corp. presently has an average rating of Buy and an average price target of $39.00.
Shares of Alcoa Corp. (AA) opened at 37.78 on Wednesday. Alcoa Corp. has a 52-week low of $20.53 and a 52-week high of $40.36. The firm has a 50-day moving average price of $35.61 and a 200 day moving average price of $34.38. The stock has a market cap of $6.96 billion and a price-to-earnings ratio of 42.98.
Alcoa Corp. (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Alcoa Corp. had a return on equity of 3.29% and a net margin of 1.63%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the company posted $0.15 earnings per share. Alcoa Corp.’s quarterly revenue was up 23.1% on a year-over-year basis. Analysts expect that Alcoa Corp. will post $2.80 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in AA. Blockhouse Capital Management LP acquired a new position in shares of Alcoa Corp. during the first quarter valued at approximately $6,890,000. SG Americas Securities LLC purchased a new position in Alcoa Corp. during the first quarter valued at about $775,000. Bank of Montreal Can increased its position in Alcoa Corp. by 18.2% in the second quarter. Bank of Montreal Can now owns 1,184,271 shares of the industrial products company’s stock valued at $38,666,000 after buying an additional 182,736 shares in the last quarter. Private Advisor Group LLC increased its position in Alcoa Corp. by 16.3% in the first quarter. Private Advisor Group LLC now owns 9,225 shares of the industrial products company’s stock valued at $312,000 after buying an additional 1,294 shares in the last quarter. Finally, Cambria Investment Management L.P. increased its position in Alcoa Corp. by 2.3% in the first quarter. Cambria Investment Management L.P. now owns 50,380 shares of the industrial products company’s stock valued at $1,733,000 after buying an additional 1,152 shares in the last quarter.
Alcoa Corp. Company Profile
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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