Trade Report: Today, Alcoa Inc. (AA) Receives New Coverage from Analysts at Cowen and Company

Today, Alcoa Inc. (AA) Receives New Coverage from Analysts at Cowen and Company

Cowen and Company assumed coverage on shares of Alcoa Inc. (NYSE:AA) in a research note issued on Monday. The brokerage set a “market perform” rating and a $29.00 price target on the stock. Cowen and Company’s target price suggests a potential downside of 8.52% from the stock’s current price.

A number of other brokerages also recently issued reports on AA. Credit Suisse Group AG set a $39.00 price objective on shares of Alcoa and gave the stock a “buy” rating in a research note on Saturday, October 8th. BMO Capital Markets reiterated a “hold” rating and set a $9.00 price objective on shares of Alcoa in a research note on Tuesday, July 12th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Alcoa in a research note on Tuesday, July 12th. Macquarie reiterated a “buy” rating on shares of Alcoa in a research note on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. assumed coverage on shares of Alcoa in a research note on Wednesday, November 2nd. They set a “sell” rating and a $15.00 price objective on the stock. Three equities 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 stock. The stock currently has an average rating of “Hold” and an average target price of $19.95.

Shares of Alcoa (NYSE:AA) opened at 31.70 on Monday. The company’s market capitalization is $13.90 billion. The company’s 50 day moving average is $26.01 and its 200-day moving average is $26.01. Alcoa has a 1-year low of $20.00 and a 1-year high of $32.19.

Alcoa (NYSE:AA) last released its quarterly earnings results on Tuesday, October 11th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.21. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. The business had revenue of $5.21 billion for the quarter. During the same period in the prior year, the business posted $0.07 earnings per share. Alcoa’s revenue was down 6.5% compared to the same quarter last year. On average, equities research analysts forecast that Alcoa will post ($0.66) EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 25th. Investors of record on Friday, November 4th were given a dividend of $0.03 per share. The ex-dividend date was Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. Alcoa’s payout ratio is presently -63.15%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd bought a new position in Alcoa during the first quarter worth about $374,584,000. First Pacific Advisors LLC raised its stake 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 worth $597,509,000 after buying an additional 7,650,380 shares during the period. Slate Path Capital LP acquired a new stake in shares of Alcoa during the second quarter worth approximately $65,261,000. Systematic Financial Management LP acquired a new stake in shares of Alcoa during the second quarter worth approximately $43,763,000. Finally, Vanguard Group Inc. raised its stake 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 worth $1,098,398,000 after buying an additional 3,387,829 shares during the period.

About Alcoa

Related posts

Leave a Comment