Alcoa (NYSE:AA) Price Target Lowered to $60.00 at Wells Fargo & Company

Alcoa (NYSE:AA) had its target price decreased by analysts at Wells Fargo & Company from $71.00 to $60.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 27.54% from the company’s previous close.

A number of other research firms have also issued reports on AA. BMO Capital Markets reduced their price target on Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Friday, July 17th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a report on Wednesday, July 8th. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a research note on Wednesday, July 1st. Zacks Research upgraded shares of Alcoa from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Wall Street Zen raised shares of Alcoa from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $60.09.

Alcoa Stock Performance

NYSE:AA opened at $47.04 on Friday. Alcoa has a 52 week low of $30.81 and a 52 week high of $84.38. The company has a fifty day simple moving average of $48.43 and a two-hundred day simple moving average of $58.78. 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 company has a market cap of $12.42 billion, a price-to-earnings ratio of 9.68, a price-to-earnings-growth ratio of 0.52 and a beta of 1.63.

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

Insider Buying and Selling at Alcoa

In related 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 value of $35,714.00. Following the completion of the sale, the executive vice president directly owned 74,930 shares of the company’s stock, valued at $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Tammi 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 represents a 28.19% decrease in their position. The disclosure for this sale is available in the SEC filing.

Institutional Trading of Alcoa

Large investors have recently made changes to their positions in the company. Core Capital Management & Research inc. purchased a new position in Alcoa during the 2nd quarter worth approximately $259,000. Sequoia Financial Advisors LLC lifted its stake in Alcoa by 43.2% in the second quarter. Sequoia Financial Advisors LLC now owns 8,964 shares of the industrial products company’s stock valued at $467,000 after buying an additional 2,706 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Alcoa by 26.5% in the second quarter. NewEdge Advisors LLC now owns 11,113 shares of the industrial products company’s stock valued at $579,000 after acquiring an additional 2,325 shares during the period. Baird Financial Group Inc. boosted its holdings in shares of Alcoa by 14.4% in the second quarter. Baird Financial Group Inc. now owns 19,182 shares of the industrial products company’s stock valued at $1,000,000 after acquiring an additional 2,421 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Alcoa by 2.3% during the second quarter. Arizona State Retirement System now owns 72,807 shares of the industrial products company’s stock worth $3,796,000 after acquiring an additional 1,652 shares during the last quarter.

Alcoa Company Profile

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.