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.