Alcoa (NYSE:AA) Raised to Buy at Zacks Investment Research

Alcoa (NYSE:AA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm presently has a $15.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.91% from the company’s previous close.

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

Several other research firms have also commented on AA. Citigroup raised their price objective on Alcoa from $8.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, June 16th. BofA Securities raised Alcoa from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 8th. Bank of America raised Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.00 to $17.00 in a research report on Tuesday, September 8th. B. Riley restated a “hold” rating and set a $8.00 target price on shares of Alcoa in a research note on Wednesday, June 3rd. Finally, Credit Suisse Group raised their target price on Alcoa from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Alcoa has an average rating of “Hold” and an average price target of $15.20.

Shares of AA traded up $0.12 during trading hours on Wednesday, hitting $13.90. The stock had a trading volume of 421,511 shares, compared to its average volume of 3,761,471. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.79 and a current ratio of 1.42. The firm has a market cap of $2.61 billion, a P/E ratio of -4.03 and a beta of 2.22. The company’s fifty day simple moving average is $14.39 and its 200 day simple moving average is $10.69. Alcoa has a 12-month low of $5.16 and a 12-month high of $23.47.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, July 15th. The industrial products company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.36. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.12 billion. Alcoa had a negative return on equity of 3.16% and a negative net margin of 6.72%. The business’s quarterly revenue was down 20.8% on a year-over-year basis. During the same period last year, the company posted ($0.01) EPS. As a group, sell-side analysts predict that Alcoa will post -0.98 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in Alcoa by 138.0% in the second quarter. Parallel Advisors LLC now owns 2,230 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 1,293 shares during the last quarter. Cerebellum GP LLC bought a new position in Alcoa in the second quarter worth about $127,000. TCTC Holdings LLC bought a new position in Alcoa in the second quarter worth about $27,000. Signaturefd LLC lifted its holdings in Alcoa by 1,029.4% in the second quarter. Signaturefd LLC now owns 2,383 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 2,172 shares during the last quarter. Finally, IFP Advisors Inc lifted its holdings in Alcoa by 933.6% in the second quarter. IFP Advisors Inc now owns 2,522 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 2,278 shares during the last quarter.

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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