Alcoa (NYSE:AA) Downgraded by Wolfe Research to “Market Perform”

Wolfe Research lowered shares of Alcoa (NYSE:AAGet Rating) from an outperform rating to a market perform rating in a research note released on Thursday, MarketBeat reports.

AA has been the subject of a number of other research reports. Credit Suisse Group reduced their price objective on Alcoa from $63.00 to $50.00 and set a neutral rating for the company in a research report on Wednesday. BMO Capital Markets reduced their price target on Alcoa from $57.00 to $55.00 in a research report on Thursday, July 21st. Morgan Stanley raised Alcoa from an equal weight rating to an overweight rating and boosted their price target for the stock from $51.00 to $66.00 in a research report on Friday, September 16th. The Goldman Sachs Group reduced their price target on Alcoa from $90.00 to $80.00 and set a buy rating for the company in a research report on Friday, July 22nd. Finally, B. Riley reduced their price target on Alcoa from $84.00 to $54.00 and set a neutral rating for the company in a research report on Tuesday, June 28th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $78.82.

Alcoa Price Performance

AA opened at $37.52 on Thursday. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 7.37, a PEG ratio of 0.62 and a beta of 2.31. Alcoa has a 1 year low of $37.48 and a 1 year high of $98.09. The company has a current ratio of 1.81, a quick ratio of 1.02 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average price of $48.78 and a 200 day moving average price of $60.69.

Alcoa (NYSE:AAGet Rating) last released its quarterly earnings data on Wednesday, July 20th. The industrial products company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.71 by ($1.04). The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.48 billion. Alcoa had a net margin of 7.19% and a return on equity of 30.66%. Alcoa’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.49 EPS. Analysts forecast that Alcoa will post 7.16 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Tuesday, August 9th were given a dividend of $0.10 per share. The ex-dividend date was Monday, August 8th. This represents a $0.40 annualized dividend and a dividend yield of 1.07%. Alcoa’s dividend payout ratio is presently 7.86%.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently added to or reduced their stakes in AA. Rafferty Asset Management LLC bought a new position in Alcoa during the fourth quarter valued at about $222,000. Ensign Peak Advisors Inc increased its stake in Alcoa by 1,013.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 51,215 shares of the industrial products company’s stock valued at $3,051,000 after acquiring an additional 46,615 shares during the period. Geode Capital Management LLC increased its stake in Alcoa by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,100,825 shares of the industrial products company’s stock valued at $184,747,000 after acquiring an additional 14,851 shares during the period. Gotham Asset Management LLC increased its stake in Alcoa by 171.2% during the fourth quarter. Gotham Asset Management LLC now owns 51,426 shares of the industrial products company’s stock valued at $3,064,000 after acquiring an additional 32,461 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Alcoa by 523.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,039 shares of the industrial products company’s stock valued at $121,000 after purchasing an additional 1,712 shares during the period.

Alcoa Company Profile

(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.

See Also

Analyst Recommendations for Alcoa (NYSE:AA)

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