Macquarie restated their buy rating on shares of ALCOA CORP (NYSE:AA) in a research report report published on Tuesday. Macquarie currently has a $62.00 price target on the industrial products company’s stock, up from their previous price target of $55.00.
A number of other brokerages also recently issued reports on AA. Gabelli downgraded ALCOA CORP from a buy rating to a hold rating and boosted their price target for the company from $57.00 to $60.00 in a report on Wednesday, October 4th. Deutsche Bank AG reissued a hold rating and issued a $44.00 price target (up from $37.00) on shares of ALCOA CORP in a report on Sunday, June 25th. Zacks Investment Research raised ALCOA CORP from a hold rating to a buy rating and set a $50.00 price target for the company in a report on Thursday, September 14th. Morgan Stanley reissued an overweight rating on shares of ALCOA CORP in a report on Friday, July 21st. Finally, Credit Suisse Group initiated coverage on ALCOA CORP in a report on Wednesday, August 9th. They issued a neutral rating and a $42.00 price target for the company. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $48.88.
Shares of ALCOA CORP (AA) opened at 47.53 on Tuesday. The company has a market cap of $8.76 billion and a PE ratio of 54.07. ALCOA CORP has a 1-year low of $20.00 and a 1-year high of $49.30. The firm’s 50-day moving average is $46.07 and its 200-day moving average is $46.07.
ALCOA CORP (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the company posted $0.15 earnings per share. ALCOA CORP’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities analysts forecast that ALCOA CORP will post $3.08 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in ALCOA CORP by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after purchasing an additional 1,885,745 shares during the last quarter. Elliott Management Corp raised its stake in ALCOA CORP by 14.7% in the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after purchasing an additional 1,500,000 shares during the last quarter. Balyasny Asset Management LLC raised its stake in ALCOA CORP by 22.8% in the 2nd quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock valued at $256,262,000 after purchasing an additional 1,458,488 shares during the last quarter. BlackRock Inc. raised its stake in ALCOA CORP by 14.1% in the 2nd quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock valued at $253,986,000 after purchasing an additional 958,494 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its stake in ALCOA CORP by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after purchasing an additional 2,816,320 shares during 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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