Trade Report: Today, Royal Bank Of Canada Trims Alcoa Inc. (AA) Target Price to $31.00

Today, Royal Bank Of Canada Trims Alcoa Inc. (AA) Target Price to $31.00

Alcoa Inc. (NYSE:AA) had its target price cut by Royal Bank Of Canada to $31.00 in a report issued on Wednesday morning. They currently have a sector perform rating on the stock.

A number of other analysts have also weighed in on the stock. Zacks Investment Research raised shares of Alcoa from a hold rating to a buy rating and set a $11.00 target price on the stock in a report on Tuesday, October 4th. Morgan Stanley reaffirmed a buy rating and set a $12.00 target price on shares of Alcoa in a report on Tuesday, August 16th. Credit Suisse Group AG reaffirmed a buy rating on shares of Alcoa in a report on Tuesday, July 12th. Berenberg Bank reaffirmed a hold rating and set a $9.00 target price on shares of Alcoa in a report on Thursday, June 30th. Finally, Bank of America Corp. reaffirmed a buy rating on shares of Alcoa in a report on Friday, June 17th. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $17.74.

Shares of Alcoa (NYSE:AA) opened at 26.44 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 $29.51 and its 200 day moving average is $29.79. The company’s market capitalization is $11.59 billion.

Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share for the quarter, topping the Zacks’ 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 period last year, the company posted $0.07 EPS. Equities research analysts predict that Alcoa will post $0.44 EPS for the current year.

The business also recently disclosed 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. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a yield of 0.45%. Alcoa’s dividend payout ratio (DPR) is presently -63.15%.

In related news, Director Ulrich Schmidt acquired 5,000 shares of the firm’s 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 acquisition, the director now owns 10,000 shares of the company’s stock, valued at $104,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Alcoa by 2.9% in the second quarter. Vanguard Group Inc. now owns 118,489,630 shares of the company’s stock valued at $1,098,398,000 after buying an additional 3,387,829 shares during the last quarter. First Pacific Advisors LLC raised its position in shares of Alcoa by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the company’s stock valued at $597,509,000 after buying an additional 7,650,380 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in shares of Alcoa during the first quarter valued at about $374,584,000. BlackRock Institutional Trust Company N.A. raised its position in shares of Alcoa by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 34,741,129 shares of the company’s stock valued at $322,050,000 after buying an additional 1,074,056 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Alcoa by 2.3% in the first quarter. Geode Capital Management LLC now owns 10,720,212 shares of the company’s stock valued at $102,493,000 after buying an additional 240,383 shares during the last quarter.

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