Alcoa (NYSE:AA) Upgraded by Zacks Research to “Strong-Buy” Rating

Alcoa (NYSE:AA) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other analysts also recently issued reports on AA. Wells Fargo & Company assumed coverage on Alcoa in a research note on Tuesday, October 7th. They set an “overweight” rating and a $40.00 price target for the company. Morgan Stanley set a $43.50 target price on Alcoa in a research report on Friday, October 24th. Argus set a $45.00 price target on Alcoa in a report on Thursday, October 30th. UBS Group lifted their price target on shares of Alcoa from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Friday, September 19th. Finally, HSBC upped their price objective on shares of Alcoa from $33.00 to $41.00 and gave the stock a “buy” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.35.

Alcoa Stock Up 6.3%

Alcoa stock opened at $41.67 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.40. Alcoa has a 1-year low of $21.53 and a 1-year high of $47.62. The firm’s fifty day simple moving average is $36.25 and its 200-day simple moving average is $32.15. The company has a market capitalization of $10.79 billion, a P/E ratio of 9.62, a P/E/G ratio of 0.20 and a beta of 2.26.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13. Alcoa had a net margin of 8.91% and a return on equity of 15.85%. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $3.03 billion. During the same period in the prior year, the company posted $0.57 earnings per share. Alcoa’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts forecast that Alcoa will post 4.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alcoa

Several hedge funds have recently made changes to their positions in AA. Advisory Services Network LLC acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $27,000. Root Financial Partners LLC acquired a new position in shares of Alcoa in the third quarter valued at $29,000. IFP Advisors Inc lifted its position in Alcoa by 1,096.0% in the second quarter. IFP Advisors Inc now owns 897 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 822 shares during the period. Horrell Capital Management Inc. acquired a new stake in Alcoa during the second quarter worth $30,000. Finally, Orion Capital Management LLC bought a new stake in Alcoa in the 3rd quarter valued at $33,000.

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.