Alcoa (NYSE:AA) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Alcoa (NYSE:AA) from a peer perform rating to an outperform rating in a research report report published on Wednesday morning, MarketBeat.com reports. Wolfe Research currently has $36.00 target price on the industrial products company’s stock.

AA has been the topic of a number of other reports. Morgan Stanley lowered their target price on Alcoa from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Monday, July 22nd. B. Riley lifted their target price on shares of Alcoa from $39.00 to $43.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Citigroup upped their price objective on Alcoa from $32.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, May 21st. UBS Group raised shares of Alcoa from a sell rating to a buy rating and boosted their price target for the stock from $32.00 to $38.00 in a research note on Monday, August 12th. 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $39.09.

Alcoa Trading Down 5.7 %

NYSE AA opened at $28.53 on Wednesday. The company has a market cap of $5.12 billion, a PE ratio of -7.59 and a beta of 2.42. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average of $34.18 and a 200-day moving average of $35.35. Alcoa has a 12 month low of $23.07 and a 12 month high of $45.48.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share for the quarter, topping 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 posted ($0.35) EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities research analysts anticipate that Alcoa will post 0.7 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa’s dividend payout ratio is currently -10.64%.

Institutional Investors Weigh In On Alcoa

Institutional investors and hedge funds have recently made changes to their positions in the business. Spire Wealth Management boosted its stake in shares of Alcoa by 252.5% during the 1st quarter. Spire Wealth Management now owns 899 shares of the industrial products company’s stock valued at $30,000 after buying an additional 644 shares during the last quarter. Private Wealth Management Group LLC acquired a new stake in shares of Alcoa during the 4th quarter valued at $33,000. Scarborough Advisors LLC purchased a new stake in shares of Alcoa in the 4th quarter valued at approximately $39,000. Quest Partners LLC purchased a new position in Alcoa during the 4th quarter valued at about $40,000. Finally, Quadrant Capital Group LLC lifted its stake in Alcoa by 56.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,605 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 576 shares during the last quarter. 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.