Wall Street Zen Upgrades Alcoa (NYSE:AA) to Buy

Alcoa (NYSE:AA) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Friday, July 17th. Argus dropped their price objective on Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Royal Bank Of Canada set a $70.00 price objective on Alcoa in a research report on Wednesday, July 1st. Zacks Research downgraded Alcoa from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Alcoa has a consensus rating of “Hold” and an average target price of $61.09.

Alcoa Trading Up 0.1%

Shares of Alcoa stock opened at $45.31 on Friday. The firm has a 50-day simple moving average of $57.44 and a two-hundred day simple moving average of $61.46. The company has a market cap of $11.96 billion, a P/E ratio of 9.32, a price-to-earnings-growth ratio of 0.51 and a beta of 1.63. Alcoa has a fifty-two week low of $28.11 and a fifty-two week high of $84.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.53.

Alcoa (NYSE:AA) last posted its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same period in the previous year, the company earned $0.39 earnings per share. As a group, equities analysts predict that Alcoa will post 6.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alcoa

A number of hedge funds have recently made changes to their positions in AA. Basepoint Wealth LLC acquired a new stake in shares of Alcoa in the fourth quarter worth approximately $25,000. Advisory Services Network LLC acquired a new position in Alcoa in the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. raised its stake in Alcoa by 52,500.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 526 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 525 shares during the last quarter. CoreCap Advisors LLC lifted its holdings in Alcoa by 74.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted 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 valued at $31,000 after purchasing an additional 581 shares in the last quarter.

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.