Alcoa (NYSE:AA) Stock Price Expected to Rise, Citigroup Analyst Says

Alcoa (NYSE:AA) had its price objective raised by stock analysts at Citigroup from $54.00 to $76.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price points to a potential upside of 14.96% from the company’s previous close.

A number of other research firms also recently weighed in on AA. B. Riley Financial reiterated a “buy” rating on shares of Alcoa in a report on Friday, January 23rd. Wells Fargo & Company set a $68.00 price target on Alcoa in a research report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 price target on shares of Alcoa in a research note on Monday, December 15th. Zacks Research downgraded Alcoa from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Alcoa in a report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $50.45.

Alcoa Trading Up 4.0%

NYSE AA traded up $2.52 during trading on Monday, hitting $66.11. The company had a trading volume of 3,150,358 shares, compared to its average volume of 7,948,403. The company’s fifty day moving average is $61.54 and its 200-day moving average is $46.99. Alcoa has a one year low of $21.53 and a one year high of $68.40. The company has a current ratio of 1.44, a quick ratio of 0.87 and a debt-to-equity ratio of 0.40. The company has a market cap of $17.44 billion, a price-to-earnings ratio of 14.98 and a beta of 1.85.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, January 22nd. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.31. Alcoa had a net margin of 9.12% and a return on equity of 16.19%. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the previous year, the company earned $1.04 earnings per share. Alcoa’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts predict that Alcoa will post 4.43 earnings per share for the current year.

Institutional Investors Weigh In On Alcoa

Several hedge funds have recently added to or reduced their stakes in AA. Mirabella Financial Services LLP raised its position in shares of Alcoa by 12,233.1% in the 3rd quarter. Mirabella Financial Services LLP now owns 40,082,462 shares of the industrial products company’s stock worth $1,318,312,000 after purchasing an additional 39,757,462 shares during the last quarter. Bank of New York Mellon Corp grew its position in Alcoa by 211.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,254,017 shares of the industrial products company’s stock valued at $332,338,000 after purchasing an additional 4,247,559 shares during the last quarter. Castle Hook Partners LP bought a new stake in Alcoa during the 4th quarter valued at about $210,874,000. Norges Bank purchased a new position in Alcoa in the second quarter worth about $97,933,000. Finally, Maple Rock Capital Partners Inc. purchased a new position in Alcoa in the fourth quarter worth about $173,412,000.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.