Equities researchers at Morgan Stanley initiated coverage on shares of Alcoa Inc. (NYSE:AA) in a report issued on Monday. The brokerage set an “overweight” rating and a $27.00 price target on the stock. Morgan Stanley’s price objective indicates a potential downside of 14.83% from the company’s previous close.
Several other research firms have also recently issued reports on AA. Goldman Sachs Group Inc. set a $30.00 target price on shares of Alcoa and gave the company a “hold” rating in a research note on Monday, October 10th. Credit Suisse Group AG set a $39.00 price target on shares of Alcoa and gave the company a “buy” rating in a research report on Saturday, October 8th. Macquarie initiated coverage on shares of Alcoa in a research report on Tuesday, November 1st. They set a “neutral” rating and a $21.00 price target for the company. Gabelli initiated coverage on shares of Alcoa in a research report on Tuesday, November 1st. They set a “buy” rating for the company. Finally, Zacks Investment Research raised shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Monday, October 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $19.95.
Alcoa (NYSE:AA) traded up 0.60% during trading on Monday, hitting $31.70. 3,109,628 shares of the stock were exchanged. The company has a 50-day moving average price of $26.01 and a 200 day moving average price of $26.01. The firm’s market capitalization is $13.90 billion. Alcoa has a 1-year low of $20.00 and a 1-year high of $32.19.
Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.21. The business had revenue of $5.21 billion for the quarter. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. Alcoa’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 EPS. Equities analysts predict that Alcoa will post ($0.66) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 25th. Investors of record on Friday, November 4th were given a $0.03 dividend. The ex-dividend date of this dividend was Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.38%. Alcoa’s dividend payout ratio is presently -63.15%.
Hedge funds have recently modified their holdings of the company. Ardsley Advisory Partners bought a new stake in shares of Alcoa during the third quarter worth about $101,000. Citizens Financial Group Inc RI increased its stake in shares of Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock worth $109,000 after buying an additional 1,401 shares in the last quarter. AXA bought a new stake in shares of Alcoa during the first quarter worth about $115,000. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in shares of Alcoa during the second quarter worth about $121,000. Finally, Savant Capital LLC increased its stake in shares of Alcoa by 21.9% in the second quarter. Savant Capital LLC now owns 13,125 shares of the company’s stock worth $122,000 after buying an additional 2,360 shares in the last quarter.