Bank of America Upgrades Alcoa (NYSE:AA) to “Buy”

by · The Markets Daily

Alcoa (NYSE:AA – Get Free Report) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm presently has a $52.00 price objective on the industrial products company’s stock, up from their prior price objective of $43.00. Bank of America‘s price objective would indicate a potential upside of 32.75% from the stock’s current price.

A number of other research firms have also commented on AA. Morgan Stanley cut their price target on Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. UBS Group raised their target price on Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. started coverage on Alcoa in a report on Wednesday, September 25th. They set a “neutral” rating and a $36.00 target price for the company. StockNews.com downgraded shares of Alcoa from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $41.64.

View Our Latest Stock Analysis on Alcoa

Alcoa Trading Down 0.0 %

Shares of Alcoa stock opened at $39.17 on Tuesday. The stock has a market capitalization of $7.03 billion, a P/E ratio of -10.42 and a beta of 2.42. Alcoa has a 52-week low of $23.07 and a 52-week high of $45.48. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55. The stock’s 50-day simple moving average is $32.82 and its 200 day simple moving average is $36.15.

Alcoa (NYSE:AA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.05. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.84 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. As a group, research analysts anticipate that Alcoa will post 0.56 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AA. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Alcoa in the second quarter worth approximately $296,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Alcoa in the 2nd quarter worth approximately $27,000. Sanctuary Advisors LLC purchased a new stake in shares of Alcoa in the 2nd quarter valued at $304,000. Senator Investment Group LP bought a new position in shares of Alcoa during the 2nd quarter valued at $8,610,000. Finally, William B. Walkup & Associates Inc. purchased a new position in Alcoa in the 2nd quarter worth $102,000. Institutional investors own 82.39% of the company’s stock.

Alcoa Company Profile

(Get Free Report)

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.

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