Alcoa (NYSE:AA) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Alcoa (NYSE:AAGet Rating) from a buy rating to a hold rating in a report issued on Friday morning, Zacks.com reports.

According to Zacks, “Alcoa is a global industry leader in bauxite, alumina and aluminum products. “

AA has been the subject of several other reports. Wolfe Research restated a buy rating and issued a $105.00 target price on shares of Alcoa in a report on Friday, March 25th. StockNews.com cut Alcoa from a buy rating to a hold rating in a report on Friday, March 25th. Credit Suisse Group cut Alcoa from an outperform rating to a neutral rating and increased their price target for the stock from $68.00 to $82.00 in a report on Friday, April 8th. JPMorgan Chase & Co. increased their price target on Alcoa from $67.00 to $90.00 and gave the stock an overweight rating in a report on Monday, March 7th. Finally, B. Riley decreased their target price on Alcoa from $91.00 to $84.00 and set a neutral rating on the stock in a research note on Thursday, April 21st. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $92.83.

NYSE AA traded up $3.75 during trading hours on Friday, reaching $58.33. The stock had a trading volume of 7,740,582 shares, compared to its average volume of 7,669,676. The stock has a fifty day moving average of $78.46 and a 200 day moving average of $65.59. The stock has a market cap of $10.76 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 0.49 and a beta of 2.34. Alcoa has a 52-week low of $31.00 and a 52-week high of $98.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.90 and a current ratio of 1.62.

Alcoa (NYSE:AAGet Rating) last issued its earnings results on Wednesday, April 20th. The industrial products company reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.99 by $0.07. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.46 billion. Alcoa had a return on equity of 29.44% and a net margin of 5.75%. Alcoa’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 earnings per share. On average, equities research analysts forecast that Alcoa will post 13.17 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Tuesday, May 17th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, May 16th. This represents a $0.40 annualized dividend and a yield of 0.69%. Alcoa’s dividend payout ratio is presently 10.61%.

In related news, EVP John D. Slaven sold 28,326 shares of Alcoa stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $75.33, for a total transaction of $2,133,797.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AA. Theleme Partners LLP purchased a new stake in shares of Alcoa in the third quarter valued at $240,198,000. Bank of New York Mellon Corp grew its position in shares of Alcoa by 703.9% in the third quarter. Bank of New York Mellon Corp now owns 5,186,065 shares of the industrial products company’s stock valued at $253,806,000 after purchasing an additional 4,540,973 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Alcoa by 1,748.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,437,142 shares of the industrial products company’s stock valued at $262,723,000 after purchasing an additional 4,197,142 shares during the period. Soroban Capital Partners LP purchased a new stake in shares of Alcoa in the fourth quarter valued at $226,347,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Alcoa in the first quarter valued at $318,670,000.

About Alcoa (Get Rating)

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 three segments: Bauxite, 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.

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