Alcoa (NYSE:AA) Given New $58.00 Price Target at Bank of America

Alcoa (NYSE:AA) had its price target lifted by Bank of America to $58.00 in a research note issued to investors on Friday,Stock Target Advisor reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other analysts have also commented on AA. UBS Group increased their price target on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 23rd. B. Riley upgraded shares of Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Jefferies Financial Group decreased their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Alcoa from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.36.

Alcoa Stock Down 0.1 %

AA stock opened at $37.33 on Friday. The company’s 50 day simple moving average is $40.33 and its 200-day simple moving average is $37.66. The firm has a market capitalization of $9.64 billion, a PE ratio of -233.28, a P/E/G ratio of 0.16 and a beta of 2.47. Alcoa has a 12 month low of $24.86 and a 12 month high of $47.77. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 EPS for the quarter, beating 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 expect that Alcoa will post 4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

A number of large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new position in shares of Alcoa in the 2nd quarter valued at $27,000. UMB Bank n.a. raised its stake in shares of Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 631 shares during the period. Quarry LP purchased a new position in shares of Alcoa in the 3rd quarter valued at $43,000. Continuum Advisory LLC raised its stake in shares of Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 1,070 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Alcoa by 399.0% in the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 1,157 shares during the period.

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.