Bank of America Issues Pessimistic Forecast for Alcoa (NYSE:AA) Stock Price

Alcoa (NYSE:AA) had its price objective cut by research analysts at Bank of America from $57.00 to $51.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the industrial products company’s stock. Bank of America‘s target price indicates a potential upside of 5.23% from the company’s previous close.

A number of other research analysts also recently issued reports on AA. B. Riley Financial cut their price target on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Alcoa from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Argus set a $73.00 price target on shares of Alcoa in a report on Monday, April 27th. UBS Group reduced their price target on Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, Zacks Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.27.

Alcoa Stock Down 1.1%

Shares of NYSE AA opened at $48.47 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.88 and a current ratio of 1.48. The firm has a market capitalization of $12.79 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.67 and a beta of 1.63. The stock has a 50 day moving average price of $63.84 and a 200 day moving average price of $62.80. Alcoa has a 52-week low of $28.11 and a 52-week high of $84.38.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, April 16th. The industrial products company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.20). The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.35 billion. Alcoa had a return on equity of 12.57% and a net margin of 8.27%.The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 earnings per share. Sell-side analysts expect that Alcoa will post 8.48 earnings per share for the current year.

Hedge Funds Weigh In On Alcoa

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AA. Basepoint Wealth LLC acquired a new position in shares of Alcoa in the fourth quarter valued at about $25,000. Advisory Services Network LLC acquired a new stake in shares of Alcoa during the third quarter worth about $27,000. Raleigh Capital Management Inc. boosted its position in Alcoa by 52,500.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after buying an additional 525 shares during the last quarter. CoreCap Advisors LLC boosted its position in Alcoa by 74.1% in the fourth quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after buying an additional 237 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Alcoa by 5,281.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 592 shares of the industrial products company’s stock worth $31,000 after buying an additional 581 shares during the period.

Key Alcoa News

Here are the key news stories impacting Alcoa this week:

• Positive Sentiment: Alcoa is showing up on an oversold-stock screen, with RSI near or below 30, which may attract traders looking for a bounce. Top 3 Materials Stocks That Could Lead To Your Biggest Gains In Q3
• Neutral Sentiment: Alcoa is expected to report earnings soon, keeping investors focused on whether results will confirm or challenge the bearish analyst outlook. Alcoa (AA) Expected to Post Earnings on Thursday
• Negative Sentiment: Zacks added Alcoa to its Rank #5 Strong Sell list, reinforcing bearish sentiment ahead of earnings. New Strong Sell Stocks for July 9th
• Negative Sentiment: Morgan Stanley cut Alcoa to Equal Weight and lowered its price target to $53 from $79, citing a weaker aluminum supply-demand outlook. Morgan Stanley upgrades Ivanhoe Mines, cuts Alcoa and Vale on metals outlook
• Negative Sentiment: B. Riley also lowered its price target on Alcoa to $80, adding to the string of analyst caution around the stock. Alcoa (NYSE:AA) Price Target Lowered to $80.00 at B. Riley Financial

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.