Alcoa (NYSE:AA) Lifted to “Buy” at ValuEngine

ValuEngine upgraded shares of Alcoa (NYSE:AA) from a hold rating to a buy rating in a report issued on Wednesday, ValuEngine reports.

A number of other brokerages have also recently commented on AA. Credit Suisse Group raised shares of Alcoa from a neutral rating to an outperform rating and upped their target price for the company from $26.00 to $27.00 in a report on Wednesday, September 11th. Jefferies Financial Group cut shares of Alcoa from a buy rating to a hold rating and reduced their target price for the company from $29.00 to $23.00 in a report on Thursday, July 18th. JPMorgan Chase & Co. cut shares of Alcoa from a neutral rating to an underweight rating in a report on Monday, September 23rd. Bank of America reaffirmed a neutral rating and issued a $20.00 target price (down from $25.00) on shares of Alcoa in a report on Friday, August 16th. Finally, BMO Capital Markets set a $35.00 target price on shares of Alcoa and gave the company a buy rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $30.50.

AA traded up $0.40 on Wednesday, reaching $19.45. The company had a trading volume of 2,719,455 shares, compared to its average volume of 3,610,559. Alcoa has a 1 year low of $16.46 and a 1 year high of $42.65. The stock has a market capitalization of $3.61 billion, a PE ratio of 5.43 and a beta of 1.47. The company has a quick ratio of 0.81, a current ratio of 1.51 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average price of $19.54 and a 200-day moving average price of $23.11.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company earned $1.52 earnings per share. The business’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts expect that Alcoa will post -0.39 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Nuveen Asset Management LLC acquired a new position in Alcoa during the second quarter worth about $17,128,000. Investec Asset Management LTD acquired a new position in Alcoa during the second quarter worth about $3,233,000. FMR LLC grew its position in Alcoa by 136.4% during the first quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock worth $29,528,000 after buying an additional 605,094 shares during the period. Renaissance Technologies LLC grew its position in Alcoa by 22.9% during the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after buying an additional 549,600 shares during the period. Finally, Morgan Stanley grew its position in Alcoa by 58.9% during the second quarter. Morgan Stanley now owns 1,409,160 shares of the industrial products company’s stock worth $32,989,000 after buying an additional 522,612 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.

Recommended Story: volatile stocks

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Alcoa (NYSE:AA)

Receive News & Ratings for Alcoa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa and related companies with MarketBeat.com's FREE daily email newsletter.