Alcoa (NYSE:AA) Price Target Raised to $75.00 at BMO Capital Markets

Alcoa (NYSE:AA) had its price target raised by BMO Capital Markets from $65.00 to $75.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the industrial products company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 0.55% from the company’s previous close.

A number of other research firms have also recently commented on AA. UBS Group upped their price target on Alcoa from $48.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. B. Riley Financial upped their price target on Alcoa from $78.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. upgraded Alcoa from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $50.00 to $68.00 in a research note on Friday, March 13th. Wall Street Zen upgraded Alcoa from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Morgan Stanley upgraded Alcoa from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $64.00 to $80.00 in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.55.

Alcoa Trading Up 3.9%

AA opened at $74.59 on Thursday. Alcoa has a one year low of $22.48 and a one year high of $75.70. The stock has a market capitalization of $19.68 billion, a PE ratio of 16.84 and a beta of 1.70. The business’s 50 day moving average price is $62.27 and its 200 day moving average price is $50.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.87 and a current ratio of 1.44.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, January 22nd. The industrial products company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.31. Alcoa had a return on equity of 16.19% and a net margin of 9.12%.The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same period in the prior year, the firm posted $1.04 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts expect that Alcoa will post 4.43 EPS for the current year.

Institutional Trading of Alcoa

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in shares of Alcoa by 455.9% during the third quarter. Pacer Advisors Inc. now owns 62,982 shares of the industrial products company’s stock worth $2,071,000 after purchasing an additional 51,652 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Alcoa by 187.7% during the fourth quarter. Nordea Investment Management AB now owns 408,624 shares of the industrial products company’s stock worth $21,902,000 after purchasing an additional 266,574 shares during the last quarter. Regal Partners Ltd grew its holdings in shares of Alcoa by 7.0% during the third quarter. Regal Partners Ltd now owns 451,940 shares of the industrial products company’s stock worth $14,864,000 after purchasing an additional 29,612 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Alcoa during the third quarter worth about $5,606,000. Finally, Alphadyne Asset Management LP purchased a new position in shares of Alcoa during the third quarter worth about $2,467,000.

Alcoa Company Profile

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.