Alcoa (NYSE:AA) Downgraded by Zacks Research to Hold

Alcoa (NYSE:AA) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other analysts have also recently weighed in on AA. Argus set a $73.00 price objective on shares of Alcoa in a research report on Monday, April 27th. B. Riley Financial raised their price objective on shares of Alcoa from $78.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Alcoa from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Wells Fargo & Company set a $68.00 price objective on shares of Alcoa in a research report on Thursday, March 12th. Finally, Citigroup raised their price objective on shares of Alcoa from $54.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, March 16th. 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 MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $64.27.

Alcoa Stock Performance

Alcoa stock opened at $68.42 on Tuesday. The firm’s fifty day moving average price is $65.28 and its 200-day moving average price is $56.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. The stock has a market cap of $18.05 billion, a P/E ratio of 17.32 and a beta of 1.51. Alcoa has a fifty-two week low of $25.83 and a fifty-two week high of $75.70.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.20). The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.35 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.15 EPS. On average, equities research analysts expect that Alcoa will post 7.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently made changes to their positions in AA. Basepoint Wealth LLC bought a new position in shares of Alcoa during the 4th quarter valued at $25,000. Advisory Services Network LLC bought a new position in shares of Alcoa during the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. grew its holdings in shares of Alcoa by 52,500.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 525 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Alcoa during the 3rd quarter valued at $29,000. Finally, CoreCap Advisors LLC grew its holdings in shares of Alcoa by 74.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter.

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.