Alcoa (NYSE:AA) Given New $63.00 Price Target at B. Riley Financial

Alcoa (NYSE:AA) had its price target reduced by stock analysts at B. Riley Financial from $80.00 to $63.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. B. Riley Financial’s target price points to a potential upside of 54.20% from the stock’s previous close.

A number of other analysts also recently commented on the company. Wells Fargo & Company restated an “overweight” rating on shares of Alcoa in a research note on Friday. JPMorgan Chase & Co. reduced their price target on Alcoa from $52.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, October 7th. Wall Street Zen raised Alcoa from a “buy” rating to a “strong-buy” rating in a report on Saturday. DA Davidson set a $62.00 price objective on Alcoa in a research report on Tuesday. Finally, Bank of America lowered their price objective on Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a research report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Alcoa currently has a consensus rating of “Hold” and a consensus target price of $59.77.

Alcoa Stock Performance

NYSE:AA traded down $0.81 during mid-day trading on Tuesday, hitting $40.85. The company’s stock had a trading volume of 2,332,246 shares, compared to its average volume of 5,873,803. Alcoa has a 1 year low of $35.12 and a 1 year high of $84.38. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.31 and a quick ratio of 1.66. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 0.51 and a beta of 1.74. The business’s fifty day moving average is $46.72 and its two-hundred day moving average is $55.82.

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

Insider Activity

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

Hedge Funds Weigh In On Alcoa

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Alcoa in the second quarter valued at approximately $1,528,523,000. Bank of New York Mellon Corp purchased a new position in shares of Alcoa during the 2nd quarter valued at approximately $166,194,000. Nykredit A S purchased a new position in shares of Alcoa during the 2nd quarter valued at approximately $74,407,000. Deutsche Bank AG purchased a new position in shares of Alcoa during the 2nd quarter valued at approximately $55,308,000. Finally, Man Group plc acquired a new stake in Alcoa in the 2nd quarter valued at $38,743,000.

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.