Wells Fargo & Company Forecasts Strong Price Appreciation for Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA) had its price target upped by analysts at Wells Fargo & Company from $71.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 48.56% from the stock’s previous close.

Several other research firms also recently commented on AA. BMO Capital Markets raised their price objective on Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Citigroup increased their price target on Alcoa from $54.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. Zacks Research lowered Alcoa from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. lifted their price objective on Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Wall Street Zen lowered shares of Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $64.09.

Alcoa Price Performance

Shares of AA stock opened at $48.47 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.48 and a quick ratio of 0.88. The company has a market capitalization of $12.79 billion, a P/E ratio of 12.27, a P/E/G ratio of 0.67 and a beta of 1.63. The company’s 50-day simple moving average is $63.84 and its two-hundred day simple moving average is $62.80. Alcoa has a one year low of $28.11 and a one year high of $84.38.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.15 EPS. As a group, equities analysts anticipate that Alcoa will post 8.48 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Basepoint Wealth LLC bought a new position in shares of Alcoa in the 4th quarter worth $25,000. Advisory Services Network LLC bought a new stake in Alcoa during the third quarter valued at about $27,000. Raleigh Capital Management Inc. boosted its position in Alcoa by 52,500.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 525 shares in the last quarter. CoreCap Advisors LLC grew its stake in Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in Alcoa by 5,281.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the last quarter.

Alcoa News Summary

Here are the key news stories impacting Alcoa this week:

• Positive Sentiment: Alcoa is showing up on an oversold-stock screen, with RSI near or below 30, which may attract traders looking for a bounce. Top 3 Materials Stocks That Could Lead To Your Biggest Gains In Q3
• Neutral Sentiment: Alcoa is expected to report earnings soon, keeping investors focused on whether results will confirm or challenge the bearish analyst outlook. Alcoa (AA) Expected to Post Earnings on Thursday
• Negative Sentiment: Zacks added Alcoa to its Rank #5 Strong Sell list, reinforcing bearish sentiment ahead of earnings. New Strong Sell Stocks for July 9th
• Negative Sentiment: Morgan Stanley cut Alcoa to Equal Weight and lowered its price target to $53 from $79, citing a weaker aluminum supply-demand outlook. Morgan Stanley upgrades Ivanhoe Mines, cuts Alcoa and Vale on metals outlook
• Negative Sentiment: B. Riley also lowered its price target on Alcoa to $80, adding to the string of analyst caution around the stock. Alcoa (NYSE:AA) Price Target Lowered to $80.00 at B. Riley Financial

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.