Alcoa’s (AA) Buy Rating Reaffirmed at Bank of America Corp.
Bank of America Corp. reaffirmed their buy rating on shares of Alcoa Inc. (NYSE:AA) in a research report report published on Wednesday. Bank of America Corp. currently has a $33.00 price objective on the stock.
A number of other equities analysts also recently weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of Alcoa to $31.00 and set a sector perform rating on the stock in a report on Wednesday. Goldman Sachs Group Inc. set a $30.00 price objective on shares of Alcoa and gave the company a hold rating in a report on Monday. Credit Suisse Group AG set a $39.00 price objective on shares of Alcoa and gave the company a buy rating in a report on Saturday, October 8th. Morgan Stanley reiterated an overweight rating and issued a $12.00 price objective on shares of Alcoa in a report on Wednesday, October 5th. Finally, Zacks Investment Research upgraded shares of Alcoa from a hold rating to a buy rating and set a $11.00 price objective on the stock in a report on Tuesday, October 4th. Eleven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Alcoa presently has an average rating of Buy and a consensus price target of $17.74.
Shares of Alcoa (NYSE:AA) traded down 1.140% during midday trading on Wednesday, hitting $26.801. 5,645,052 shares of the company were exchanged. The company’s market capitalization is $11.75 billion. The company has a 50-day moving average of $29.72 and a 200 day moving average of $29.83. Alcoa has a one year low of $18.42 and a one year high of $34.50.
Alcoa (NYSE:AA) last issued its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.21. The business had revenue of $5.21 billion for the quarter. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. Alcoa’s quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. On average, equities research analysts expect that Alcoa will post $0.44 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.44%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio (DPR) is presently -63.15%.
In related news, Director Ulrich Schmidt acquired 5,000 shares of the company’s stock in a transaction on Wednesday, July 20th. The shares were acquired at an average cost of $10.40 per share, for a total transaction of $52,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $104,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.
A number of institutional investors have recently modified their holdings of AA. Orbis Allan Gray Ltd bought a new position in shares of Alcoa during the first quarter valued at $374,584,000. First Pacific Advisors LLC boosted its position in shares of Alcoa by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the company’s stock valued at $597,509,000 after buying an additional 7,650,380 shares during the period. Slate Path Capital LP bought a new position in shares of Alcoa during the second quarter valued at $65,261,000. Systematic Financial Management LP bought a new position in shares of Alcoa during the second quarter valued at $43,763,000. Finally, Vanguard Group Inc. boosted its position in shares of Alcoa by 2.9% in the second quarter. Vanguard Group Inc. now owns 118,489,630 shares of the company’s stock valued at $1,098,398,000 after buying an additional 3,387,829 shares during the period.
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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