Zacks Investment Research Upgrades Alcoa (NYSE:AA) to “Hold”

Zacks Investment Research upgraded shares of Alcoa (NYSE:AA) from a strong sell rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “Alcoa is a global industry leader in bauxite, alumina and aluminum products. “

Several other equities research analysts have also recently weighed in on the stock. G.Research cut shares of Alcoa from a buy rating to a hold rating in a research report on Monday, October 21st. BMO Capital Markets cut shares of Alcoa from an outperform rating to a market perform rating and decreased their target price for the company from $25.00 to $23.00 in a research report on Tuesday, December 17th. ValuEngine cut shares of Alcoa from a strong-buy rating to a buy rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. decreased their target price on shares of Alcoa from $44.00 to $26.00 and set an overweight rating for the company in a research report on Thursday, October 10th. Finally, Goldman Sachs Group raised shares of Alcoa from a neutral rating to a buy rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $23.75.

Shares of AA opened at $17.78 on Tuesday. The company has a 50 day moving average price of $20.72 and a 200-day moving average price of $20.75. Alcoa has a fifty-two week low of $16.46 and a fifty-two week high of $31.45. The stock has a market capitalization of $3.78 billion, a PE ratio of 4.97 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.81 and a current ratio of 1.48.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, January 15th. The industrial products company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.09). Alcoa had a negative return on equity of 0.03% and a negative net margin of 6.87%. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company posted $0.66 EPS. Alcoa’s revenue for the quarter was down 27.2% on a year-over-year basis. Equities research analysts forecast that Alcoa will post -0.88 EPS for the current year.

A number of large investors have recently bought and sold shares of AA. Lindbrook Capital LLC lifted its position in Alcoa by 323.7% during the third quarter. Lindbrook Capital LLC now owns 1,339 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 1,023 shares during the last quarter. Regal Wealth Group Inc. purchased a new stake in Alcoa during the third quarter valued at approximately $30,000. First Mercantile Trust Co. acquired a new position in Alcoa during the 3rd quarter valued at approximately $112,000. Macquarie Group Ltd. increased its stake in Alcoa by 58.6% during the 2nd quarter. Macquarie Group Ltd. now owns 4,965 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 1,835 shares in the last quarter. Finally, Cerebellum GP LLC acquired a new position in Alcoa during the 3rd quarter valued at approximately $127,000.

About Alcoa

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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