Bank of America Boosts Alcoa (NYSE:AA) Price Target to $58.00

Alcoa (NYSE:AA) had its price target raised by research analysts at Bank of America to $58.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price objective would indicate a potential upside of 57.15% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. B. Riley raised Alcoa from a “neutral” rating to a “buy” rating and boosted their target price for the company from $41.00 to $50.00 in a research report on Thursday, October 17th. Morgan Stanley lifted their price objective on shares of Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. UBS Group increased their price objective on Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Jefferies Financial Group reduced their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, BMO Capital Markets increased their target price on Alcoa to $43.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.36.

Alcoa Stock Performance

AA stock traded down $0.44 during mid-day trading on Friday, hitting $36.91. The company had a trading volume of 728,402 shares, compared to its average volume of 5,034,445. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. The stock’s fifty day moving average price is $40.46 and its two-hundred day moving average price is $37.69. Alcoa has a 12 month low of $24.86 and a 12 month high of $47.77. The firm has a market cap of $9.54 billion, a PE ratio of -231.28, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.48%. On average, analysts forecast that Alcoa will post 4.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ausbil Investment Management Ltd bought a new position in Alcoa in the fourth quarter valued at about $429,000. YHB Investment Advisors Inc. boosted its holdings in Alcoa by 3.6% during the fourth quarter. YHB Investment Advisors Inc. now owns 12,810 shares of the industrial products company’s stock worth $484,000 after buying an additional 447 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Alcoa by 2.2% during the 4th quarter. Pacer Advisors Inc. now owns 38,516 shares of the industrial products company’s stock worth $1,455,000 after buying an additional 817 shares during the period. KBC Group NV grew its position in shares of Alcoa by 70.3% during the 4th quarter. KBC Group NV now owns 11,135 shares of the industrial products company’s stock worth $421,000 after buying an additional 4,598 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Alcoa in the 4th quarter valued at about $454,000.

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.