Alcoa (NYSE:AA) Given New $37.00 Price Target at BMO Capital Markets

Alcoa (NYSE:AA) had its price target raised by equities research analysts at BMO Capital Markets from $35.00 to $37.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the industrial products company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 4.85% from the stock’s previous close.

A number of other equities research analysts also recently commented on AA. JPMorgan Chase & Co. lifted their target price on shares of Alcoa from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Bank of America lifted their price target on shares of Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, March 18th. UBS Group initiated coverage on shares of Alcoa in a research note on Tuesday, January 16th. They set a “sell” rating and a $29.00 price target on the stock. Finally, Morgan Stanley lifted their price target on shares of Alcoa from $27.00 to $29.50 and gave the stock an “underweight” rating in a research note on Thursday, January 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.54.

Alcoa Stock Performance

NYSE:AA traded down $0.26 during trading hours on Thursday, reaching $35.29. The company had a trading volume of 3,384,995 shares, compared to its average volume of 6,319,636. The company has a current ratio of 1.45, a quick ratio of 0.74 and a debt-to-equity ratio of 0.30. Alcoa has a 52 week low of $23.07 and a 52 week high of $42.23. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of -9.53, a PEG ratio of 2.32 and a beta of 2.47. The firm’s 50 day moving average price is $30.81 and its 200-day moving average price is $28.97.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). Alcoa had a negative return on equity of 6.56% and a negative net margin of 6.17%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the firm posted ($0.23) EPS. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts forecast that Alcoa will post 0.33 EPS for the current year.

Insider Activity at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the sale, the executive vice president now owns 41,166 shares in the company, valued at approximately $1,267,089.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Trading of Alcoa

Several hedge funds have recently bought and sold shares of AA. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Alcoa by 4,737.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock worth $208,174,000 after purchasing an additional 4,483,625 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Alcoa in the 1st quarter worth about $318,670,000. Norges Bank bought a new stake in shares of Alcoa in the 4th quarter worth about $128,592,000. Voloridge Investment Management LLC increased its holdings in shares of Alcoa by 178.0% in the 4th quarter. Voloridge Investment Management LLC now owns 2,410,104 shares of the industrial products company’s stock worth $81,944,000 after buying an additional 1,543,244 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Alcoa in the 3rd quarter worth about $39,557,000.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.