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.