Alcoa (NYSE:AA) Receives Underperform Rating from Bank of America

Bank of America reaffirmed their underperform rating on shares of Alcoa (NYSE:AA) in a report published on Tuesday morning, Marketbeat Ratings reports. They currently have a $26.00 price target on the industrial products company’s stock, down from their prior price target of $58.00.

AA has been the subject of several other research reports. Jefferies Financial Group cut their price target on Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 6th. Morgan Stanley cut their target price on Alcoa from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. B. Riley upgraded shares of Alcoa to a “strong-buy” rating in a research note on Tuesday, January 21st. UBS Group dropped their price objective on shares of Alcoa from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, March 27th. Finally, HC Wainwright lifted their target price on shares of Alcoa to $90.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Alcoa currently has a consensus rating of “Moderate Buy” and an average target price of $47.25.

Alcoa Stock Down 8.5 %

AA opened at $22.51 on Tuesday. Alcoa has a 1-year low of $22.10 and a 1-year high of $47.77. The business has a 50 day moving average of $33.09 and a 200-day moving average of $37.76. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of -140.66, a P/E/G ratio of 0.19 and a beta of 2.28. The company has a current ratio of 1.45, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. As a group, sell-side analysts anticipate that Alcoa will post 4.43 earnings per share for the current year.

Alcoa Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Tuesday, March 4th were given a $0.10 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.78%. Alcoa’s dividend payout ratio (DPR) is presently -250.00%.

Institutional Trading of Alcoa

Hedge funds have recently modified their holdings of the company. Retirement Systems of Alabama increased its holdings in Alcoa by 41.6% during the 3rd quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company’s stock valued at $12,107,000 after purchasing an additional 92,201 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Alcoa by 42.0% during the third quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock worth $161,838,000 after purchasing an additional 1,239,479 shares during the last quarter. Impala Asset Management LLC acquired a new stake in shares of Alcoa in the third quarter valued at $6,366,000. HB Wealth Management LLC bought a new position in shares of Alcoa in the fourth quarter valued at about $211,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Alcoa during the 4th quarter worth about $454,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.