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

Alcoa (NYSE:AA) had its price objective upped by Freedom Broker from $64.00 to $76.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

AA has been the topic of several other research reports. Royal Bank Of Canada set a $70.00 price target on Alcoa in a report on Wednesday, July 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Alcoa in a research report on Monday, September 14th. UBS Group lowered their target price on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. B. Riley Financial dropped their target price on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company dropped their target price on shares of Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Alcoa currently has a consensus rating of “Hold” and a consensus target price of $61.42.

Alcoa Stock Down 2.9%

AA opened at $42.73 on Tuesday. The company has a fifty day moving average price of $48.00 and a 200-day moving average price of $58.16. The firm has a market capitalization of $11.28 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 0.51 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.92. Alcoa has a one year low of $30.81 and a one year high of $84.38.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Alcoa had a return on equity of 18.90% and a net margin of 9.48%.During the same quarter last year, the business posted $0.39 EPS. Equities research analysts expect that Alcoa will post 6.61 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. Alcoa’s dividend payout ratio is 8.23%.

Insider Transactions at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the transaction, the executive vice president directly owned 39,819 shares in the company, valued at $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $51.02, for a total transaction of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares in the company, valued at $3,822,928.60. This trade represents a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Investors Weigh In On Alcoa

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Alcoa in the 2nd quarter worth $1,528,523,000. Geode Capital Management LLC grew its stake in shares of Alcoa by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 6,655,655 shares of the industrial products company’s stock valued at $389,621,000 after buying an additional 349,426 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Alcoa by 211.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock worth $332,338,000 after buying an additional 4,247,559 shares during the period. Castle Hook Partners LP purchased a new position in shares of Alcoa in the fourth quarter worth about $210,874,000. Finally, Amundi lifted its stake in shares of Alcoa by 47.8% in the 1st quarter. Amundi now owns 2,009,013 shares of the industrial products company’s stock valued at $133,258,000 after acquiring an additional 649,693 shares during the last quarter.

About Alcoa

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.