Alcoa (NYSE:AA – Get Free Report) had its price target cut by research analysts at Wells Fargo & Company from $71.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 27.54% from the company’s current price.
A number of other research firms have also weighed in on AA. Zacks Research upgraded shares of Alcoa from a “strong sell” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada set a $70.00 target price on Alcoa in a report on Wednesday, July 1st. UBS Group cut their price target on Alcoa from $80.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. B. Riley Financial lowered their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research note on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $60.09.
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Alcoa Price Performance
Alcoa (NYSE:AA – Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, analysts predict that Alcoa will post 6.55 EPS for the current fiscal year.
Insiders Place Their Bets
In other Alcoa news, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction on Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the sale, the executive vice president owned 74,930 shares in the company, valued at $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tammi Jones sold 15,628 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president owned 39,819 shares of the company’s stock, valued at approximately $2,014,841.40. This represents a 28.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.
Hedge Funds Weigh In On Alcoa
Hedge funds have recently made changes to their positions in the stock. Core Capital Management & Research inc. purchased a new stake in Alcoa in the second quarter valued at approximately $259,000. Sequoia Financial Advisors LLC raised its holdings in shares of Alcoa by 43.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,964 shares of the industrial products company’s stock valued at $467,000 after buying an additional 2,706 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Alcoa by 26.5% in the 2nd quarter. NewEdge Advisors LLC now owns 11,113 shares of the industrial products company’s stock valued at $579,000 after buying an additional 2,325 shares during the period. Baird Financial Group Inc. lifted its stake in Alcoa by 14.4% during the 2nd quarter. Baird Financial Group Inc. now owns 19,182 shares of the industrial products company’s stock worth $1,000,000 after acquiring an additional 2,421 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Alcoa by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 72,807 shares of the industrial products company’s stock valued at $3,796,000 after acquiring an additional 1,652 shares during the period.
Alcoa Company Profile
Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.
Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.
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