Alcoa (NYSE:AA) Given New $50.00 Price Target at Citigroup

Alcoa (NYSE:AA) had its price target increased by Citigroup from $32.00 to $50.00 in a research report report published on Tuesday morning, Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

Several other analysts also recently commented on the stock. Morgan Stanley upgraded shares of Alcoa from an underweight rating to an equal weight rating and raised their target price for the stock from $28.50 to $36.50 in a report on Monday, April 22nd. Bank of America boosted their price objective on shares of Alcoa from $31.00 to $32.00 and gave the company a neutral rating in a research report on Monday, March 18th. UBS Group increased their target price on Alcoa from $27.00 to $32.00 and gave the stock a sell rating in a report on Friday, April 19th. BMO Capital Markets upped their price objective on Alcoa from $35.00 to $37.00 and gave the stock a market perform rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group lifted their target price on Alcoa from $45.00 to $48.00 and gave the company a buy rating in a research report on Thursday, April 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $35.04.

Alcoa Price Performance

Shares of Alcoa stock opened at $42.15 on Tuesday. The business has a fifty day simple moving average of $35.92 and a 200 day simple moving average of $31.06. The company has a quick ratio of 0.93, a current ratio of 1.61 and a debt-to-equity ratio of 0.45. Alcoa has a 12 month low of $23.07 and a 12 month high of $44.57.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.55 billion. Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. Sell-side analysts predict that Alcoa will post 0.2 EPS for the current fiscal year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Tuesday, May 21st will be paid a $0.10 dividend. The ex-dividend date is Monday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 0.95%. Alcoa’s dividend payout ratio is presently -10.64%.

Insiders Place Their Bets

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 $1,267,089.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently modified their holdings of AA. Raymond James & Associates boosted its position in shares of Alcoa by 3,731.1% in the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock valued at $27,190,000 after acquiring an additional 778,831 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Alcoa by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,234,472 shares of the industrial products company’s stock worth $35,874,000 after purchasing an additional 54,876 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Alcoa by 132.2% during the 4th quarter. Nordea Investment Management AB now owns 112,082 shares of the industrial products company’s stock worth $3,824,000 after purchasing an additional 63,816 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Alcoa by 33.5% during the fourth quarter. National Bank of Canada FI now owns 122,853 shares of the industrial products company’s stock worth $4,091,000 after purchasing an additional 30,844 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Alcoa in the fourth quarter valued at approximately $227,000.

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.