Alcoa (NYSE:AA) Price Target Raised to $41.00 at B. Riley

Alcoa (NYSE:AA) had its target price boosted by equities research analysts at B. Riley from $37.00 to $41.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. B. Riley’s target price would indicate a potential upside of 18.84% from the stock’s current price.

AA has been the topic of a number of other reports. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target on the stock in a research note on Wednesday, September 4th. UBS Group upgraded shares of Alcoa from a “sell” rating to a “buy” rating and upped their target price for the stock from $32.00 to $38.00 in a research report on Monday, August 12th. Morgan Stanley reduced their price target on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Citigroup boosted their price target on Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Finally, Bank of America dropped their price objective on Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Alcoa presently has a consensus rating of “Hold” and an average target price of $38.91.

Alcoa Price Performance

Shares of NYSE:AA opened at $34.50 on Tuesday. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48. The company has a 50-day moving average price of $32.90 and a 200 day moving average price of $35.58. The company has a market cap of $6.19 billion, a P/E ratio of -9.18 and a beta of 2.42. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the firm earned ($0.35) EPS. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. Research analysts predict that Alcoa will post 0.7 earnings per share for the current year.

Institutional Trading of Alcoa

Several institutional investors and hedge funds have recently made changes to their positions in the stock. ANTIPODES PARTNERS Ltd acquired a new position in shares of Alcoa in the second quarter valued at approximately $93,061,000. L1 Capital Pty Ltd acquired a new position in Alcoa in the 1st quarter valued at $72,658,000. Norges Bank purchased a new position in shares of Alcoa during the 4th quarter worth $45,730,000. Marshall Wace LLP boosted its holdings in shares of Alcoa by 770.9% during the second quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock worth $56,599,000 after purchasing an additional 1,259,430 shares during the last quarter. Finally, ARGA Investment Management LP grew its position in shares of Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after purchasing an additional 997,912 shares during the period. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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.