Alcoa Inc. (AA) Given Overweight Rating at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of Alcoa Inc. (NYSE:AA) in a research note issued to investors on Wednesday. Morgan Stanley currently has a $12.00 price objective on the stock.
Several other analysts have also issued reports on the company. Zacks Investment Research upgraded Alcoa from a hold rating to a buy rating and set a $11.00 price objective on the stock in a research note on Tuesday. Credit Suisse Group AG reaffirmed a buy rating on shares of Alcoa in a research report on Tuesday, July 12th. Berenberg Bank reaffirmed a hold rating and issued a $9.00 target price on shares of Alcoa in a research report on Thursday, June 30th. Bank of America Corp. reaffirmed a buy rating on shares of Alcoa in a research report on Friday, June 17th. Finally, Rosenblatt Securities reaffirmed a buy rating and issued a $15.00 target price on shares of Alcoa in a research report on Friday, July 15th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $11.10.
Alcoa (NYSE:AA) traded up 204.952% during trading on Wednesday, hitting $31.715. The company had a trading volume of 2,843,618 shares. Alcoa has a one year low of $18.42 and a one year high of $34.50. The stock has a 50-day moving average of $29.89 and a 200 day moving average of $29.80. The company’s market capitalization is $41.72 billion.
Alcoa (NYSE:AA) last released its quarterly earnings data on Monday, July 11th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. The firm had revenue of $5.30 billion for the quarter. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. Alcoa’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. Equities analysts forecast that Alcoa will post $0.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 4th will be issued a $0.03 dividend. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.15%. Alcoa’s dividend payout ratio (DPR) is presently -42.86%.
In related news, Director Ulrich Schmidt purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, July 20th. The shares were bought at an average price of $10.40 per share, with a total value of $52,000.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citizens Financial Group Inc RI raised its position in Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock worth $109,000 after buying an additional 1,401 shares in the last quarter. Cupps Capital Management LLC acquired a new position in Alcoa during the first quarter worth $109,000. AXA acquired a new position in Alcoa during the first quarter worth $115,000. Canandaigua National Bank & Trust Co. acquired a new position in Alcoa during the first quarter worth $122,000. Finally, QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Alcoa during the second quarter worth $121,000.
Alcoa Company Profile
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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