Alcoa (NYSE:AA) Price Target Cut to $62.00 by Analysts at Freedom Broker

Alcoa (NYSE:AA) had its price target decreased by investment analysts at Freedom Broker from $76.00 to $62.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Freedom Broker’s target price indicates a potential upside of 51.85% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company reiterated an “overweight” rating on shares of Alcoa in a research note on Friday. Morgan Stanley reduced their price target on shares of Alcoa from $53.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. BMO Capital Markets decreased their price target on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a research report on Friday, July 17th. Barclays assumed coverage on shares of Alcoa in a report on Wednesday, October 14th. They set an “overweight” rating and a $55.00 price objective on the stock. Finally, B. Riley Financial dropped their price objective on shares of Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Alcoa currently has an average rating of “Hold” and a consensus price target of $61.08.

Alcoa Stock Performance

NYSE AA traded down $0.84 during trading on Tuesday, hitting $40.83. The company’s stock had a trading volume of 1,760,021 shares, compared to its average volume of 5,870,812. The company has a quick ratio of 1.66, a current ratio of 2.31 and a debt-to-equity ratio of 0.58. The firm has a 50 day moving average price of $46.72 and a 200 day moving average price of $55.82. The firm has a market cap of $10.78 billion, a P/E ratio of 7.04, a price-to-earnings-growth ratio of 0.51 and a beta of 1.74. Alcoa has a 52 week low of $35.12 and a 52 week high of $84.38.

Alcoa (NYSE:AA) last issued its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. Alcoa had a return on equity of 24.58% and a net margin of 10.77%. The company had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. Equities research analysts forecast that Alcoa will post 6.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alcoa news, EVP Tammi A. Jones sold 15,628 shares of Alcoa stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the sale, the executive vice president owned 39,819 shares in the company, valued at $2,014,841.40. The trade was a 28.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction on Monday, August 31st. The stock was sold at an average price of $51.02, for a total transaction of $35,714.00. Following the sale, the executive vice president owned 74,930 shares in the company, valued at $3,822,928.60. This represents a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Alcoa

Several institutional investors and hedge funds have recently bought and sold shares of AA. Checchi Capital Advisers LLC boosted its holdings in shares of Alcoa by 3.4% during the first quarter. Checchi Capital Advisers LLC now owns 5,138 shares of the industrial products company’s stock worth $341,000 after purchasing an additional 170 shares during the period. Essential Partners LLC lifted its position in Alcoa by 0.9% in the 1st quarter. Essential Partners LLC now owns 20,525 shares of the industrial products company’s stock worth $1,361,000 after buying an additional 193 shares in the last quarter. Himension Capital Singapore PTE. LTD. boosted its stake in shares of Alcoa by 1.3% during the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 18,626 shares of the industrial products company’s stock valued at $1,235,000 after buying an additional 246 shares during the period. Sage Rhino Capital LLC boosted its stake in shares of Alcoa by 7.0% during the 1st quarter. Sage Rhino Capital LLC now owns 4,276 shares of the industrial products company’s stock valued at $284,000 after buying an additional 279 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Alcoa by 4.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,373 shares of the industrial products company’s stock valued at $332,000 after buying an additional 282 shares during the period.

About Alcoa

Alcoa Corporation (NYSE:AA) is a global producer of bauxite, alumina and aluminum. Its operations span the aluminum value chain, including bauxite mining, alumina refining, aluminum smelting, casting and the production of value-added aluminum products. These materials serve customers in industries such as transportation, building and construction, packaging, aerospace and industrial manufacturing.

The company operates across multiple regions, with assets and activities in North America, South America, Europe, Australia and other international markets.