Alcoa (NYSE:AA) Stock Has Average Target Price of $58.23

Shares of Alcoa (NYSE:AA) have earned a consensus recommendation of “Hold” from the thirteen ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $58.23.

Several analysts have issued reports on AA shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Alcoa in a research note on Monday, September 14th. Argus reiterated a “hold” rating on shares of Alcoa in a research report on Thursday, October 22nd. UBS Group decreased their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Morgan Stanley decreased their price target on shares of Alcoa from $53.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. Finally, Zacks Research upgraded shares of Alcoa from a “strong sell” rating to a “hold” rating in a report on Monday, September 14th.

Insider Transactions at Alcoa

In other news, EVP Tammi Jones sold 15,628 shares of Alcoa stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president owned 39,819 shares in the company, valued at approximately $2,014,841.40. The trade was a 28.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the completion of the transaction, the executive vice president owned 74,930 shares in the company, valued at approximately $3,822,928.60. This represents a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently bought and sold shares of AA. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Alcoa in the second quarter valued at approximately $25,000. Western Wealth Management LLC purchased a new stake in shares of Alcoa during the first quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the period. Costello Asset Management INC purchased a new stake in shares of Alcoa during the first quarter valued at approximately $53,000. Finally, Root Financial Partners LLC bought a new position in shares of Alcoa in the third quarter worth approximately $42,000. 82.39% of the stock is currently owned by institutional investors.

Alcoa Trading Up 3.2%

AA opened at $39.93 on Wednesday. The stock has a market capitalization of $10.54 billion, a P/E ratio of 6.90 and a beta of 1.74. The stock has a 50-day moving average price of $45.32 and a 200-day moving average price of $56.79. Alcoa has a 12-month low of $35.12 and a 12-month high of $84.38.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, October 15th. The industrial products company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The firm had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.77 billion. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts predict that Alcoa will post 6.70 EPS for the current year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 27th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, October 27th. Alcoa’s dividend payout ratio (DPR) is 6.91%.

About Alcoa

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 value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.