Alcoa (NYSE:AA) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Alcoa (NYSE:AA) from a strong-buy rating to a buy rating in a research note published on Sunday morning,Wall Street Zen reports.

AA has been the subject of several other research reports. BMO Capital Markets reduced their target price on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating for the company in a research note on Friday, July 17th. Citigroup dropped their price target on shares of Alcoa from $76.00 to $56.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. Royal Bank Of Canada set a $70.00 price target on shares of Alcoa in a report on Wednesday, July 1st. Bank of America cut their price target on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating on the stock in a report on Thursday, July 9th. Finally, Barclays started coverage on shares of Alcoa in a research report on Wednesday, October 14th. They issued an “overweight” rating and a $55.00 price objective for the company. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $58.23.

Alcoa Stock Up 3.2%

Shares of NYSE:AA opened at $39.93 on Friday. Alcoa has a 12-month low of $35.12 and a 12-month high of $84.38. The business’s 50 day moving average is $45.32 and its 200 day moving average is $56.79.

Alcoa (NYSE:AA) last released its quarterly earnings results on Thursday, October 15th. The industrial products company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. Analysts forecast that Alcoa will post 6.70 EPS for the current fiscal year.

Alcoa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, October 27th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, October 27th.

Insider Activity at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 700 shares of the 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 completion of the transaction, the executive vice president directly owned 74,930 shares of the company’s stock, valued at approximately $3,822,928.60. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tammi A. Jones sold 15,628 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $50.60, for a total value of $790,776.80. Following the completion of the sale, the executive vice president directly owned 39,819 shares of the company’s stock, valued at $2,014,841.40. This represents a 28.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AA. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Alcoa in the 2nd quarter worth about $25,000. Western Wealth Management LLC purchased a new stake in Alcoa during the first quarter valued at about $35,000. Caitong International Asset Management Co. Ltd lifted its holdings in Alcoa by 5,281.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 581 shares during the last quarter. Costello Asset Management INC bought a new position in Alcoa during the first quarter worth about $53,000. Finally, Root Financial Partners LLC bought a new position in Alcoa during the third quarter worth about $42,000.

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.