Gabelli Lowers Alcoa Corp (AA) to Hold

Gabelli downgraded shares of Alcoa Corp (NYSE:AA) from a buy rating to a hold rating in a research note released on Wednesday, Marketbeat Ratings reports. Gabelli currently has $60.00 price target on the industrial products company’s stock, up from their prior price target of $57.00. Gabelli also issued estimates for Alcoa Corp’s FY2017 earnings at $3.15 EPS, FY2018 earnings at $3.55 EPS, FY2019 earnings at $3.45 EPS and FY2020 earnings at $2.95 EPS.

Several other analysts also recently commented on the stock. Deutsche Bank AG raised shares of Alcoa Corp from a hold rating to a buy rating and increased their price objective for the company from $44.00 to $60.00 in a research report on Tuesday, September 12th. Citigroup Inc. reaffirmed a buy rating and set a $45.00 price target on shares of Alcoa Corp in a report on Saturday, July 22nd. BMO Capital Markets raised their price target on shares of Alcoa Corp from $45.00 to $60.00 and gave the company an outperform rating in a report on Wednesday, September 13th. Zacks Investment Research raised shares of Alcoa Corp from a hold rating to a strong-buy rating and set a $51.00 price target on the stock in a report on Wednesday, September 6th. Finally, Morgan Stanley reaffirmed an overweight rating on shares of Alcoa Corp in a report on Friday, July 21st. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $45.53.

Alcoa Corp (AA) opened at 47.49 on Wednesday. The company’s 50 day moving average is $45.87 and its 200-day moving average is $45.87. Alcoa Corp has a 52-week low of $20.00 and a 52-week high of $49.30. The company has a market capitalization of $8.75 billion and a price-to-earnings ratio of 54.03.

Alcoa Corp (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the firm posted $0.15 EPS. Alcoa Corp’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities analysts anticipate that Alcoa Corp will post $3.00 EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd raised its position in shares of Alcoa Corp by 55.5% during the second quarter. WINTON GROUP Ltd now owns 33,950 shares of the industrial products company’s stock valued at $1,108,000 after buying an additional 12,111 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Alcoa Corp by 26.7% during the second quarter. Public Employees Retirement System of Ohio now owns 74,910 shares of the industrial products company’s stock valued at $2,446,000 after buying an additional 15,790 shares during the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in shares of Alcoa Corp during the second quarter valued at approximately $11,846,000. California State Teachers Retirement System raised its position in shares of Alcoa Corp by 13.7% during the second quarter. California State Teachers Retirement System now owns 341,520 shares of the industrial products company’s stock valued at $11,151,000 after buying an additional 41,261 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Alcoa Corp by 0.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 35,996 shares of the industrial products company’s stock valued at $1,175,000 after buying an additional 104 shares during 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.

Analyst Recommendations for Alcoa Corp (NYSE:AA)

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