The Bank of America Corp. Initiates Coverage on Alcoa Inc. (AA)

The Bank of America Corp. Initiates Coverage on Alcoa Inc. (AA)

Bank of America Corp. assumed coverage on shares of Alcoa Inc. (NYSE:AA) in a research report issued on Wednesday. The firm set an “underperform” rating and a $22.00 price target on the stock. Bank of America Corp.’s target price would suggest a potential downside of 30.60% from the stock’s previous close.

AA has been the subject of a number of other research reports. Zacks Investment Research raised Alcoa from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Tuesday, October 4th. BMO Capital Markets reissued a “hold” rating and issued a $27.00 target price on shares of Alcoa in a report on Friday, October 21st. Morgan Stanley reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Alcoa in a report on Wednesday, October 5th. Cowen and Company lifted their price objective on Alcoa from $10.00 to $30.00 and gave the stock a “market perform” rating in a report on Thursday, October 13th. Finally, Seaport Global Securities initiated coverage on Alcoa in a report on Friday, September 9th. They issued a “neutral” rating and a $11.00 price objective for the company. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. Alcoa presently has an average rating of “Hold” and an average price target of $19.95.

Alcoa (NYSE:AA) traded up 0.60% during mid-day trading on Wednesday, hitting $31.70. The company’s stock had a trading volume of 3,109,628 shares. Alcoa has a 52-week low of $20.00 and a 52-week high of $32.19. The company’s 50 day moving average is $26.01 and its 200-day moving average is $26.01.

Alcoa (NYSE:AA) last posted its earnings results on Tuesday, October 11th. The company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.21. The business 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Equities analysts forecast that Alcoa will post ($0.62) earnings per share for the current year.

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

A number of large investors have recently modified their holdings of AA. Ardsley Advisory Partners bought a new stake in shares of Alcoa during the third quarter worth about $101,000. Citizens Financial Group Inc RI increased its stake in shares of Alcoa by 14.1% in the first quarter. Citizens Financial Group Inc RI now owns 11,349 shares of the company’s stock worth $109,000 after buying an additional 1,401 shares during the period. AXA bought a new stake in shares of Alcoa during the first quarter worth about $115,000. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in shares of Alcoa during the second quarter worth about $121,000. Finally, Savant Capital LLC increased its stake in shares of Alcoa by 21.9% in the second quarter. Savant Capital LLC now owns 13,125 shares of the company’s stock worth $122,000 after buying an additional 2,360 shares during the period.

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