Alcoa (NYSE:AA) Price Target Raised to $58.00 at Bank of America

Alcoa (NYSE:AA) had its target price increased by analysts at Bank of America to $58.00 in a research note issued on Friday, Stock Target Advisor reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price points to a potential upside of 55.39% from the company’s current price.

Other analysts also recently issued research reports about the company. Morgan Stanley increased their target price on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Jefferies Financial Group dropped their price objective on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alcoa has an average rating of “Moderate Buy” and an average target price of $46.36.

Alcoa Trading Down 0.1 %

NYSE:AA opened at $37.33 on Friday. The company’s 50 day moving average is $40.33 and its 200-day moving average is $37.64. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. Alcoa has a 12 month low of $24.86 and a 12 month high of $47.77. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of -233.28, a P/E/G ratio of 0.16 and a beta of 2.47.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.48%. Equities analysts anticipate that Alcoa will post 4.27 EPS for the current year.

Institutional Investors Weigh In On Alcoa

Large investors have recently modified their holdings of the stock. Mountaineer Partners Management LLC grew its position in shares of Alcoa by 4,023.0% during the 3rd quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock worth $416,505,000 after buying an additional 10,534,036 shares during the period. State Street Corp raised its position in shares of Alcoa by 23.3% during the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock valued at $368,965,000 after acquiring an additional 1,805,915 shares during the last quarter. Paloma Partners Management Co raised its position in shares of Alcoa by 11,317.8% during the 3rd quarter. Paloma Partners Management Co now owns 1,427,799 shares of the industrial products company’s stock valued at $55,084,000 after acquiring an additional 1,415,294 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Alcoa by 42.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock worth $161,838,000 after purchasing an additional 1,239,479 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. acquired a new stake in shares of Alcoa during the third quarter worth $36,165,000.

About Alcoa

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.