BMO Capital Markets Raises Alcoa (NYSE:AA) Price Target to $37.00

Alcoa (NYSE:AA) had its price objective raised by BMO Capital Markets from $35.00 to $37.00 in a research report report published on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a market perform rating on the industrial products company’s stock.

Several other analysts have also recently weighed in on AA. StockNews.com raised shares of Alcoa from a sell rating to a hold rating in a research note on Tuesday, April 9th. Bank of America upped their price target on Alcoa from $31.00 to $32.00 and gave the company a neutral rating in a research report on Monday, March 18th. UBS Group initiated coverage on Alcoa in a research report on Tuesday, January 16th. They set a sell rating and a $29.00 price objective for the company. Morgan Stanley upped their target price on Alcoa from $27.00 to $29.50 and gave the company an underweight rating in a report on Thursday, January 18th. Finally, JPMorgan Chase & Co. raised their price target on shares of Alcoa from $30.00 to $32.00 and gave the stock a neutral rating in a report on Thursday, January 18th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $32.96.

Alcoa Stock Performance

Shares of AA stock opened at $35.53 on Thursday. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of -9.45, a PEG ratio of 2.40 and a beta of 2.47. The company has a current ratio of 1.61, a quick ratio of 0.74 and a debt-to-equity ratio of 0.45. The business’s 50-day moving average price is $31.14 and its 200-day moving average price is $29.07. Alcoa has a 12 month low of $23.07 and a 12 month high of $42.23.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.19). Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. Equities research analysts forecast that Alcoa will post 0.31 EPS for the current year.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Tuesday, March 5th were given a dividend of $0.10 per share. The ex-dividend date was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.13%. Alcoa’s payout ratio is presently -10.64%.

Insider Buying and Selling

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the completion of the sale, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On Alcoa

A number of hedge funds have recently added to or reduced their stakes in AA. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Alcoa in the 1st quarter worth $422,000. State of Michigan Retirement System raised its holdings in Alcoa by 2.6% during the first quarter. State of Michigan Retirement System now owns 43,875 shares of the industrial products company’s stock worth $1,483,000 after buying an additional 1,100 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Alcoa by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,344 shares of the industrial products company’s stock valued at $485,000 after buying an additional 1,867 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Alcoa by 5.7% during the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company’s stock valued at $262,000 after buying an additional 416 shares during the last quarter. Finally, ARGA Investment Management LP grew its holdings in shares of Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after buying an additional 997,912 shares during the last quarter.

Alcoa Company Profile

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 two segments, 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.