Alcoa (NYSE:AA) Reaches New 52-Week High Following Analyst Upgrade

Alcoa Co. (NYSE:AA) shares hit a new 52-week high during trading on Wednesday after Argus upgraded the stock from a hold rating to a buy rating. Argus now has a $58.00 price target on the stock. Alcoa traded as high as $51.22 and last traded at $50.67, with a volume of 103746 shares changing hands. The stock had previously closed at $48.00.

A number of other research analysts have also issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Alcoa from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, July 19th. Morgan Stanley increased their target price on shares of Alcoa from $50.00 to $51.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 20th. Citigroup upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Friday, July 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Alcoa from $41.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 26th. Finally, Zacks Investment Research lowered shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Thursday, July 22nd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $47.36.

Several hedge funds have recently added to or reduced their stakes in AA. Lion Point Capital LP acquired a new stake in shares of Alcoa during the first quarter worth $32,000. Retirement Group LLC acquired a new stake in shares of Alcoa during the second quarter worth $37,000. Eudaimonia Partners LLC acquired a new stake in shares of Alcoa during the first quarter worth $41,000. IFP Advisors Inc increased its position in shares of Alcoa by 181.2% during the first quarter. IFP Advisors Inc now owns 1,468 shares of the industrial products company’s stock worth $47,000 after buying an additional 946 shares during the period. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Alcoa by 83.0% during the first quarter. Harvest Fund Management Co. Ltd now owns 1,554 shares of the industrial products company’s stock worth $50,000 after buying an additional 705 shares during the period.

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.57 and a quick ratio of 0.99. The company’s 50-day moving average price is $40.98 and its two-hundred day moving average price is $37.03. The company has a market capitalization of $9.47 billion, a price-to-earnings ratio of 22.41 and a beta of 2.65.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, July 14th. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.18. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Alcoa had a net margin of 4.12% and a return on equity of 5.16%. The business’s quarterly revenue was up 31.9% on a year-over-year basis. During the same period last year, the company posted ($0.02) earnings per share. On average, equities research analysts expect that Alcoa Co. will post 5.08 EPS for the current fiscal year.

Alcoa Company Profile (NYSE:AA)

Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.

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