Equities research analysts at Citigroup Inc. initiated coverage on shares of Alcoa Inc. (NYSE:AA) in a report released on Monday. The firm set a “buy” rating and a $30.00 price target on the stock. Citigroup Inc.’s price target would suggest a potential downside of 5.36% from the company’s previous close.
Several other analysts also recently commented on AA. Bank of America Corp. reaffirmed a “buy” rating and set a $33.00 price objective on shares of Alcoa in a research note on Wednesday, October 12th. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, October 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 price objective on shares of Alcoa in a research note on Friday, October 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Alcoa in a research note on Wednesday, October 5th. Finally, Cowen and Company upped their price objective on Alcoa from $10.00 to $30.00 and gave the company a “market perform” rating in a research note on Thursday, October 13th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Alcoa currently has an average rating of “Hold” and a consensus target price of $19.95.
Shares of Alcoa (NYSE:AA) opened at 31.70 on Monday. The firm’s market capitalization is $13.90 billion. Alcoa has a 52 week low of $20.00 and a 52 week high of $32.19. The stock has a 50 day moving average price of $26.01 and a 200-day moving average price of $26.01.
Alcoa (NYSE:AA) last announced its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.21. The firm earned $5.21 billion during the quarter. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.07 earnings per share. On average, analysts anticipate that Alcoa will post ($0.66) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 25th. Stockholders of record on Friday, November 4th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend was Wednesday, November 2nd. Alcoa’s dividend payout ratio (DPR) is -63.15%.
Large investors have recently bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new stake in Alcoa during the third quarter valued at about $23,707,000. Pioneer Investment Management Inc. boosted its stake in Alcoa by 102.9% in the third quarter. Pioneer Investment Management Inc. now owns 1,680,543 shares of the company’s stock valued at $17,041,000 after buying an additional 852,224 shares during the period. Chartwell Investment Partners LLC boosted its stake in Alcoa by 21.3% in the third quarter. Chartwell Investment Partners LLC now owns 603,625 shares of the company’s stock valued at $6,121,000 after buying an additional 105,869 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Alcoa during the third quarter valued at about $587,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in Alcoa during the third quarter valued at about $902,000.