BMO Capital Markets Forecasts Strong Price Appreciation for Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA) had its price objective boosted by BMO Capital Markets to $43.00 in a research note issued to investors on Friday,Stock Target Advisor reports. BMO Capital Markets currently has a hold rating on the industrial products company’s stock.

Several other equities research analysts also recently commented on AA. Bank of America increased their price objective on Alcoa to $58.00 and gave the company a “buy” rating in a report on Thursday, November 28th. Morgan Stanley lifted their price objective on shares of Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. UBS Group upped their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. StockNews.com upgraded Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.36.

Alcoa Trading Up 1.7 %

Shares of NYSE:AA opened at $39.57 on Friday. The stock has a market capitalization of $10.22 billion, a PE ratio of -22.49, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47. The company’s 50-day moving average price is $40.70 and its two-hundred day moving average price is $37.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. Alcoa has a one year low of $24.86 and a one year high of $47.77.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.34. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. Alcoa’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.14) earnings per share. On average, equities analysts forecast that Alcoa will post 0.93 EPS for the current fiscal year.

Insider Transactions at Alcoa

In related news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AA. Retirement Systems of Alabama lifted its position in shares of Alcoa by 41.6% during the 3rd quarter. Retirement Systems of Alabama now owns 313,822 shares of the industrial products company’s stock valued at $12,107,000 after acquiring an additional 92,201 shares during the period. ING Groep NV bought a new stake in Alcoa during the third quarter worth about $10,201,000. Douglas Lane & Associates LLC grew its stake in Alcoa by 2.0% during the third quarter. Douglas Lane & Associates LLC now owns 1,421,955 shares of the industrial products company’s stock worth $54,859,000 after buying an additional 27,217 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Alcoa by 6.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,116 shares of the industrial products company’s stock valued at $24,233,000 after buying an additional 36,869 shares during the period. Finally, Aigen Investment Management LP raised its position in shares of Alcoa by 73.0% in the 3rd quarter. Aigen Investment Management LP now owns 36,848 shares of the industrial products company’s stock valued at $1,422,000 after buying an additional 15,546 shares in the last quarter.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.