Alcoa Corp. (NYSE:AA) was upgraded by stock analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a report released on Tuesday, Marketbeat.com reports. The brokerage presently has a $60.00 price target on the industrial products company’s stock, up from their previous price target of $4.00. Deutsche Bank AG’s price objective points to a potential upside of 37.61% from the stock’s previous close.
Several other research firms also recently commented on AA. Macquarie began coverage on shares of Alcoa Corp. in a report on Thursday, September 7th. They issued an “outperform” rating on the stock. Zacks Investment Research raised shares of Alcoa Corp. from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective on the stock in a report on Wednesday, September 6th. Credit Suisse Group began coverage on shares of Alcoa Corp. in a report on Wednesday, August 9th. They issued a “neutral” rating and a $42.00 price objective on the stock. BMO Capital Markets set a $45.00 price objective on shares of Alcoa Corp. and gave the company a “buy” rating in a report on Saturday, August 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Alcoa Corp. in a report on Friday, July 21st. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $39.19.
Shares of Alcoa Corp. (NYSE AA) traded up 3.12% during mid-day trading on Tuesday, hitting $44.96. The stock had a trading volume of 3,583,332 shares. Alcoa Corp. has a 1-year low of $20.00 and a 1-year high of $45.22. The firm has a market capitalization of $8.29 billion and a price-to-earnings ratio of 51.15. The stock’s 50-day moving average is $39.44 and its 200 day moving average is $34.93.
Alcoa Corp. (NYSE:AA) last released its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp. had a net margin of 1.63% and a return on equity of 3.29%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. Equities research analysts predict that Alcoa Corp. will post $2.88 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of AA. BlackRock Inc. raised its position in Alcoa Corp. by 4,113.0% during the first quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock worth $234,632,000 after acquiring an additional 6,658,703 shares during the period. Old Mutual Global Investors UK Ltd. raised its position in Alcoa Corp. by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after acquiring an additional 2,816,320 shares during the period. BT Investment Management Ltd acquired a new position in Alcoa Corp. during the second quarter worth $83,380,000. JPMorgan Chase & Co. raised its position in Alcoa Corp. by 192.6% during the first quarter. JPMorgan Chase & Co. now owns 3,869,510 shares of the industrial products company’s stock worth $133,111,000 after acquiring an additional 2,547,180 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Alcoa Corp. during the second quarter worth $63,686,000.
About Alcoa Corp.
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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