Alcoa (AA) Lifted to Hold at ValuEngine
ValuEngine upgraded shares of Alcoa (NYSE:AA) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
A number of other equities research analysts have also recently issued reports on AA. B. Riley raised shares of Alcoa from a neutral rating to a buy rating and boosted their target price for the company from $48.00 to $50.00 in a report on Wednesday, September 12th. Berenberg Bank started coverage on shares of Alcoa in a report on Friday, September 21st. They set a buy rating and a $54.00 target price on the stock. Credit Suisse Group lowered their target price on shares of Alcoa from $65.00 to $58.00 and set an outperform rating on the stock in a report on Tuesday, September 25th. Zacks Investment Research raised shares of Alcoa from a hold rating to a strong-buy rating and set a $48.00 price target on the stock in a report on Tuesday, September 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alcoa to $79.00 and gave the stock an overweight rating in a report on Thursday, October 18th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Alcoa has a consensus rating of Buy and a consensus target price of $56.00.
AA stock traded down $0.43 during midday trading on Thursday, reaching $28.55. 3,839,338 shares of the company’s stock traded hands, compared to its average volume of 3,115,355. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.40 and a quick ratio of 0.84. Alcoa has a 52 week low of $25.01 and a 52 week high of $62.35. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 9.49, a PEG ratio of 2.35 and a beta of 1.09.
Alcoa declared that its board has authorized a stock repurchase program on Wednesday, October 17th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Large investors have recently made changes to their positions in the stock. IMS Capital Management purchased a new position in Alcoa in the third quarter worth $87,000. Benjamin F. Edwards & Company Inc. boosted its position in Alcoa by 104.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,931 shares of the industrial products company’s stock valued at $159,000 after buying an additional 2,010 shares during the period. Cerebellum GP LLC boosted its position in Alcoa by 8.1% during the fourth quarter. Cerebellum GP LLC now owns 4,798 shares of the industrial products company’s stock valued at $128,000 after buying an additional 361 shares during the period. Bank of Nova Scotia purchased a new stake in Alcoa during the second quarter valued at about $230,000. Finally, Point72 Hong Kong Ltd boosted its position in Alcoa by 414.8% during the third quarter. Point72 Hong Kong Ltd now owns 5,112 shares of the industrial products company’s stock valued at $207,000 after buying an additional 4,119 shares during the period.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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