Alcoa (NYSE:AA) Stock Gets Price Target Trim from Citigroup

Alcoa (NYSE:AA) had its target price decreased by Citigroup from $76.00 to $56.00 in a research note issued on Tuesday, 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 37.46% from the stock’s current price.

Several other research firms have also recently commented on AA. Royal Bank Of Canada set a $70.00 target price on Alcoa in a research note on Wednesday, July 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Alcoa in a research note on Monday, September 14th. Freedom Broker decreased their price target on Alcoa from $76.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday. DA Davidson set a $62.00 price target on Alcoa in a report on Tuesday. Finally, Morgan Stanley lowered their price objective on Alcoa from $53.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $58.23.

Alcoa Price Performance

Shares of AA stock traded down $0.93 during trading hours on Tuesday, reaching $40.74. 2,951,007 shares of the company were exchanged, compared to its average volume of 5,876,852. Alcoa has a fifty-two week low of $35.12 and a fifty-two week high of $84.38. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.31 and a quick ratio of 1.66. The stock’s fifty day moving average is $46.72 and its two-hundred day moving average is $55.82. The company has a market cap of $10.75 billion, a price-to-earnings ratio of 7.04, a P/E/G ratio of 0.51 and a beta of 1.74.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. Alcoa had a net margin of 10.77% and a return on equity of 24.58%. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter last year, the business posted $0.88 earnings per share. Alcoa’s revenue for the quarter was up 23.7% compared to the same quarter last year. Sell-side analysts forecast that Alcoa will post 6.69 earnings per share for the current fiscal year.

Insider Transactions at Alcoa

In other news, EVP Renato Bacchi sold 700 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $51.02, for a total value of $35,714.00. Following the completion of the sale, the executive vice president directly owned 74,930 shares of the company’s stock, valued at $3,822,928.60. This represents a 0.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Tammi A. Jones sold 15,628 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the sale, the executive vice president owned 39,819 shares in the company, valued at $2,014,841.40. This represents a 28.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Alcoa

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Alcoa in the 2nd quarter valued at about $1,528,523,000. Bank of New York Mellon Corp acquired a new position in shares of Alcoa during the 2nd quarter worth approximately $166,194,000. Amundi increased its holdings in shares of Alcoa by 47.8% during the first quarter. Amundi now owns 2,009,013 shares of the industrial products company’s stock worth $133,258,000 after purchasing an additional 649,693 shares during the period. Maple Rock Capital Partners Inc. increased its holdings in shares of Alcoa by 74.7% during the second quarter. Maple Rock Capital Partners Inc. now owns 1,577,720 shares of the industrial products company’s stock worth $82,262,000 after purchasing an additional 674,400 shares during the period. Finally, Nykredit A S bought a new position in shares of Alcoa during the second quarter worth approximately $74,407,000.

About Alcoa

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.