Trading Report: The Alcoa’s (AA) Buy Rating Reiterated at Bank of America Corp.

The Alcoa’s (AA) Buy Rating Reiterated at Bank of America Corp.

Bank of America Corp. reaffirmed their buy rating on shares of Alcoa Inc. (NYSE:AA) in a research report report published on Wednesday morning. They currently have a $33.00 target price on the stock.

Several other analysts have also issued reports on AA. Berenberg Bank reiterated a hold rating and set a $9.00 price target on shares of Alcoa in a research report on Tuesday, June 14th. Rosenblatt Securities reiterated a buy rating and set a $15.00 price target on shares of Alcoa in a research report on Wednesday, June 15th. Morgan Stanley reiterated an overweight rating and set a $12.00 price target (up previously from $11.00) on shares of Alcoa in a research report on Thursday, June 30th. Credit Suisse Group AG reiterated a buy rating on shares of Alcoa in a research report on Thursday, June 30th. Finally, JPMorgan Chase & Co. reiterated a hold rating on shares of Alcoa in a research report on Tuesday, July 12th. Eleven analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Alcoa currently has a consensus rating of Buy and a consensus target price of $17.74.

Shares of Alcoa (NYSE:AA) opened at 26.35 on Wednesday. Alcoa has a 12-month low of $18.42 and a 12-month high of $34.50. The firm’s 50-day moving average is $29.41 and its 200-day moving average is $29.78. The firm’s market cap is $11.55 billion.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping 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%. The business’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. Analysts predict that Alcoa will post $0.44 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, November 2nd. Alcoa’s payout ratio is -63.15%.

In related news, Director Ulrich Schmidt purchased 5,000 shares of Alcoa stock in a transaction on Wednesday, July 20th. The stock was acquired at an average cost of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

A number of large investors have recently bought and sold shares of the company. Rafferty Asset Management LLC acquired a new position in shares of Alcoa during the first quarter worth about $1,411,000. Cupps Capital Management LLC acquired a new position in shares of Alcoa during the first quarter worth about $109,000. Canada Pension Plan Investment Board boosted its position in shares of Alcoa by 17.1% in the first quarter. Canada Pension Plan Investment Board now owns 15,099 shares of the company’s stock worth $145,000 after buying an additional 2,200 shares in the last quarter. Smith Moore & CO. boosted its position in shares of Alcoa by 2.4% in the first quarter. Smith Moore & CO. now owns 21,661 shares of the company’s stock worth $208,000 after buying an additional 500 shares in the last quarter. Finally, Aviva PLC boosted its position in shares of Alcoa by 0.9% in the first quarter. Aviva PLC now owns 662,675 shares of the company’s stock worth $6,348,000 after buying an additional 5,886 shares in the last quarter.

Alcoa Company Profile

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