Alcoa (NYSE:AA) Given New $76.00 Price Target at Freedom Broker

Alcoa (NYSE:AA) had its price target boosted by equities research analysts at Freedom Broker from $64.00 to $76.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s price target points to a potential upside of 67.39% from the stock’s current price.

Several other equities analysts also recently issued reports on AA. Argus reduced their price objective on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Zacks Research raised shares of Alcoa from a “strong sell” rating to a “hold” rating in a research report on Monday, September 14th. UBS Group cut their price objective on Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Bank of America lowered their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a report on Thursday, July 9th. Finally, Wells Fargo & Company reduced their price target on Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $61.42.

Alcoa Price Performance

Shares of NYSE:AA traded up $0.76 during midday trading on Tuesday, hitting $45.40. 2,761,221 shares of the stock were exchanged, compared to its average volume of 5,983,588. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average price of $48.26 and a 200-day moving average price of $58.51. Alcoa has a twelve month low of $30.81 and a twelve month high of $84.38. The stock has a market cap of $11.98 billion, a P/E ratio of 9.35, a PEG ratio of 0.50 and a beta of 1.63.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a net margin of 9.48% and a return on equity of 18.90%. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.99 billion. During the same period last year, the company earned $0.39 EPS. On average, research analysts forecast that Alcoa will post 6.52 earnings per share for the current year.

Insider Buying and Selling at Alcoa

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

Hedge Funds Weigh In On Alcoa

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Checchi Capital Advisers LLC grew its holdings in shares of Alcoa by 3.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock worth $341,000 after purchasing an additional 170 shares during the last quarter. Essential Partners LLC lifted its holdings in Alcoa by 0.9% during the 1st quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company’s stock valued at $1,361,000 after purchasing an additional 193 shares during the last quarter. Himension Capital Singapore PTE. LTD. boosted its position in Alcoa by 1.3% in the first quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company’s stock valued at $1,235,000 after buying an additional 246 shares in the last quarter. Sage Rhino Capital LLC boosted its position in Alcoa by 7.0% in the first quarter. Sage Rhino Capital LLC now owns 4,276 shares of the industrial products company’s stock valued at $284,000 after buying an additional 279 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Alcoa by 4.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,373 shares of the industrial products company’s stock worth $332,000 after buying an additional 282 shares during the last quarter.

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 select value-added aluminum products. The company serves customers in industries such as transportation, aerospace, construction, packaging, consumer products and energy.

Founded in 1888 as the Pittsburgh Reduction Company, Alcoa played a major role in developing the commercial aluminum industry and adopted the Alcoa name in 1907.