Bank of America downgraded shares of Alcoa (NYSE:AA) from a neutral rating to an underperform rating in a report published on Wednesday, Briefing.com Automated Import reports. The firm currently has $21.00 price target on the industrial products company’s stock.
Several other brokerages have also issued reports on AA. Zacks Investment Research raised Alcoa from a sell rating to a hold rating in a research report on Monday, September 2nd. G.Research lowered Alcoa from a buy rating to a hold rating in a research report on Monday, October 21st. ValuEngine raised Alcoa from a hold rating to a buy rating in a research report on Wednesday, October 2nd. Credit Suisse Group raised Alcoa from a neutral rating to an outperform rating and raised their target price for the stock from $26.00 to $27.00 in a research report on Wednesday, September 11th. Finally, Argus reaffirmed a hold rating on shares of Alcoa in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Alcoa presently has an average rating of Hold and an average price target of $27.27.
Shares of AA traded down $0.10 during trading hours on Wednesday, reaching $20.89. The stock had a trading volume of 3,148,607 shares, compared to its average volume of 4,239,141. Alcoa has a 12 month low of $16.46 and a 12 month high of $36.72. The stock has a market capitalization of $3.90 billion, a PE ratio of 5.84 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.81 and a current ratio of 1.48. The company’s 50-day moving average is $20.72 and its two-hundred day moving average is $21.60.
Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, October 16th. The industrial products company reported ($0.44) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.09). Alcoa had a negative net margin of 6.87% and a negative return on equity of 0.03%. The firm had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. Equities analysts anticipate that Alcoa will post -0.84 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of AA. Renaissance Technologies LLC grew its stake in shares of Alcoa by 22.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock valued at $69,024,000 after buying an additional 549,600 shares during the period. Maverick Capital Ltd. grew its stake in shares of Alcoa by 31.2% in the 2nd quarter. Maverick Capital Ltd. now owns 187,200 shares of the industrial products company’s stock valued at $4,382,000 after buying an additional 44,490 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Alcoa in the 2nd quarter valued at about $25,000. Banco Santander S.A. acquired a new stake in shares of Alcoa in the 2nd quarter valued at about $263,000. Finally, First Trust Advisors LP grew its stake in shares of Alcoa by 44.8% in the 2nd quarter. First Trust Advisors LP now owns 203,710 shares of the industrial products company’s stock valued at $4,769,000 after buying an additional 63,040 shares during the period.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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