Brokerages Set Alcoa (NYSE:AA) Price Target at $61.09

Alcoa (NYSE:AA) has earned an average rating of “Hold” from the twelve analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $61.0909.

Several equities analysts have recently weighed in on AA shares. Wall Street Zen raised Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. BMO Capital Markets cut their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 17th. UBS Group reduced their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. JPMorgan Chase & Co. reduced their target price on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, July 17th. Finally, Wells Fargo & Company decreased their price target on shares of Alcoa from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, July 17th.

Insider Buying and Selling

In other news, EVP Renato Bacchi sold 700 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares of the company’s stock, valued at approximately $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Tammi A. Jones sold 15,628 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares of the company’s stock, valued at $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Hedge Funds Weigh In On Alcoa

A number of institutional investors have recently added to or reduced their stakes in AA. Allianz Asset Management GmbH grew its stake in shares of Alcoa by 182.8% during the second quarter. Allianz Asset Management GmbH now owns 9,819 shares of the industrial products company’s stock valued at $512,000 after acquiring an additional 6,347 shares in the last quarter. Corient Private Wealth LP lifted its stake in shares of Alcoa by 301.8% in the second quarter. Corient Private Wealth LP now owns 44,110 shares of the industrial products company’s stock worth $2,300,000 after acquiring an additional 33,131 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Alcoa by 378.7% in the second quarter. HighTower Advisors LLC now owns 351,442 shares of the industrial products company’s stock valued at $18,324,000 after purchasing an additional 278,031 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Alcoa in the second quarter valued at about $3,853,000. Finally, California State Teachers Retirement System grew its stake in Alcoa by 5,246.0% during the 2nd quarter. California State Teachers Retirement System now owns 15,966,936 shares of the industrial products company’s stock valued at $832,516,000 after purchasing an additional 15,668,264 shares in the last quarter.

Alcoa Stock Up 0.1%

Shares of NYSE AA opened at $51.09 on Tuesday. The stock has a market capitalization of $13.48 billion, a PE ratio of 10.51, a P/E/G ratio of 0.58 and a beta of 1.63. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average of $48.72 and a 200-day moving average of $59.65. Alcoa has a 52-week low of $30.58 and a 52-week high of $84.38.

Alcoa (NYSE:AA) last issued its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the business posted $0.39 earnings per share. On average, analysts anticipate that Alcoa will post 6.55 EPS for the current year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $0.40 annualized dividend and a yield of 0.8%. Alcoa’s payout ratio is 8.23%.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.