BMO Capital Markets Raises Alcoa (NYSE:AA) Price Target to $37.00

Alcoa (NYSE:AA) had its target price raised by BMO Capital Markets from $35.00 to $37.00 in a report issued on Thursday morning, Marketbeat Ratings reports. The brokerage currently has a market perform rating on the industrial products company’s stock.

A number of other research analysts have also recently commented on the stock. Morgan Stanley increased their price target on shares of Alcoa from $27.00 to $29.50 and gave the company an underweight rating in a research report on Thursday, January 18th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $30.00 to $32.00 and gave the company a neutral rating in a report on Thursday, January 18th. UBS Group started coverage on shares of Alcoa in a research note on Tuesday, January 16th. They issued a sell rating and a $29.00 price target for the company. Bank of America raised their price objective on Alcoa from $31.00 to $32.00 and gave the company a neutral rating in a research note on Monday, March 18th. Finally, StockNews.com raised Alcoa from a sell rating to a hold rating in a research note on Tuesday, April 9th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Alcoa currently has an average rating of Hold and a consensus target price of $32.96.

Alcoa Stock Performance

NYSE AA opened at $35.53 on Thursday. The company has a market capitalization of $6.38 billion, a P/E ratio of -9.45, a P/E/G ratio of 2.40 and a beta of 2.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.74 and a current ratio of 1.61. Alcoa has a 52-week low of $23.07 and a 52-week high of $42.23. The company has a fifty day moving average of $31.14 and a 200-day moving average of $29.07.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. Alcoa’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) earnings per share. As a group, equities research analysts predict that Alcoa will post 0.31 EPS for the current fiscal year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.13%. The ex-dividend date was Monday, March 4th. Alcoa’s dividend payout ratio (DPR) is currently -10.64%.

Insider Activity

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the completion of the transaction, the executive vice president now directly owns 41,166 shares in the company, valued at approximately $1,267,089.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Alcoa

Several large investors have recently bought and sold shares of AA. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Alcoa by 4,737.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock valued at $208,174,000 after buying an additional 4,483,625 shares during the period. Renaissance Technologies LLC bought a new stake in Alcoa during the first quarter worth about $318,670,000. Norges Bank purchased a new stake in Alcoa in the fourth quarter worth about $128,592,000. Voloridge Investment Management LLC increased its stake in shares of Alcoa by 178.0% during the fourth quarter. Voloridge Investment Management LLC now owns 2,410,104 shares of the industrial products company’s stock valued at $81,944,000 after purchasing an additional 1,543,244 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Alcoa during the third quarter valued at approximately $39,557,000.

Alcoa Company Profile

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.