Alcoa (NYSE:AA) Price Target Raised to $76.00

Alcoa (NYSE:AA) had its price objective lifted by Citigroup from $54.00 to $76.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. raised Alcoa from an “underweight” rating to a “neutral” rating and upped their price target for the company from $50.00 to $68.00 in a research report on Friday, March 13th. Morgan Stanley reissued an “overweight” rating and set a $52.00 target price on shares of Alcoa in a research note on Monday, December 15th. Wall Street Zen upgraded Alcoa from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. B. Riley Financial reaffirmed a “buy” rating on shares of Alcoa in a research note on Friday, January 23rd. Finally, Zacks Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.45.

Alcoa Price Performance

Shares of Alcoa stock opened at $64.29 on Monday. The company’s fifty day simple moving average is $61.71 and its two-hundred day simple moving average is $47.59. Alcoa has a 12-month low of $21.53 and a 12-month high of $68.40. The firm has a market cap of $16.96 billion, a PE ratio of 14.54 and a beta of 1.85. The company has a quick ratio of 0.87, a current ratio of 1.44 and a debt-to-equity ratio of 0.40.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.95 by $0.31. The firm had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $3.28 billion. Alcoa had a net margin of 9.12% and a return on equity of 16.19%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. As a group, equities analysts expect that Alcoa will post 4.43 EPS for the current year.

Alcoa Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 10th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, March 10th. Alcoa’s dividend payout ratio is presently 9.05%.

Hedge Funds Weigh In On Alcoa

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its holdings in shares of Alcoa by 4,124.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 38,233 shares of the industrial products company’s stock valued at $2,032,000 after buying an additional 37,328 shares in the last quarter. World Investment Advisors bought a new position in shares of Alcoa in the 4th quarter worth about $246,000. Corient Private Wealth LLC increased its stake in shares of Alcoa by 30.4% in the 4th quarter. Corient Private Wealth LLC now owns 13,445 shares of the industrial products company’s stock worth $715,000 after acquiring an additional 3,138 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Alcoa by 5,281.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 581 shares during the period. Finally, Compound Planning Inc. purchased a new position in Alcoa during the 4th quarter valued at about $306,000.

Alcoa Company Profile

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.