Alcoa (NYSE:AA) Upgraded to “Outperform” by Credit Suisse Group

Credit Suisse Group upgraded shares of Alcoa (NYSE:AA) from a neutral rating to an outperform rating in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. The brokerage currently has $27.00 price target on the industrial products company’s stock, up from their previous price target of $26.00.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group cut shares of Alcoa from a buy rating to a hold rating and decreased their target price for the company from $29.00 to $23.00 in a research report on Thursday, July 18th. Macquarie cut shares of Alcoa from an outperform rating to a neutral rating and decreased their target price for the company from $34.00 to $25.00 in a research report on Tuesday, July 9th. Zacks Investment Research raised shares of Alcoa from a sell rating to a hold rating in a research report on Monday, September 2nd. Goldman Sachs Group set a $30.00 target price on shares of Alcoa and gave the company a buy rating in a research report on Friday, August 30th. Finally, Argus cut shares of Alcoa from a buy rating to a hold rating in a research report on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Alcoa currently has an average rating of Buy and an average target price of $33.92.

NYSE AA traded up $0.38 during trading hours on Wednesday, reaching $22.56. The company had a trading volume of 5,120,288 shares, compared to its average volume of 3,627,230. The stock has a 50-day moving average of $19.42 and a 200 day moving average of $23.95. Alcoa has a 1-year low of $16.46 and a 1-year high of $45.45. The company has a current ratio of 1.51, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.77 billion, a P/E ratio of 6.30 and a beta of 1.45.



Alcoa (NYSE:AA) last posted its earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.33. Alcoa had a negative net margin of 4.92% and a positive return on equity of 2.78%. The company had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. Alcoa’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that Alcoa will post -0.27 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its stake in shares of Alcoa by 143.3% during the first quarter. Parallel Advisors LLC now owns 1,000 shares of the industrial products company’s stock worth $28,000 after buying an additional 589 shares during the period. US Bancorp DE boosted its holdings in shares of Alcoa by 7.6% in the second quarter. US Bancorp DE now owns 8,662 shares of the industrial products company’s stock valued at $203,000 after acquiring an additional 614 shares during the period. Jennison Associates LLC boosted its holdings in shares of Alcoa by 0.3% in the first quarter. Jennison Associates LLC now owns 249,415 shares of the industrial products company’s stock valued at $7,024,000 after acquiring an additional 629 shares during the period. Virginia Retirement Systems ET AL boosted its holdings in shares of Alcoa by 2.4% in the second quarter. Virginia Retirement Systems ET AL now owns 34,300 shares of the industrial products company’s stock valued at $803,000 after acquiring an additional 800 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Alcoa by 10.0% in the first quarter. CIBC Asset Management Inc now owns 9,005 shares of the industrial products company’s stock valued at $254,000 after acquiring an additional 821 shares during the period.

About Alcoa

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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Analyst Recommendations for Alcoa (NYSE:AA)

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