Alcoa (NYSE:AA) Given New $48.00 Price Target at Morgan Stanley

Alcoa (NYSE:AA) had its price target trimmed by Morgan Stanley from $50.00 to $48.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

Several other equities research analysts have also issued reports on the company. BMO Capital Markets upped their price target on Alcoa from $35.00 to $37.00 and gave the company a market perform rating in a research report on Thursday, April 18th. Citigroup upped their price objective on Alcoa from $32.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, May 21st. UBS Group upped their price objective on Alcoa from $27.00 to $32.00 and gave the stock a sell rating in a research note on Friday, April 19th. B. Riley upped their price objective on Alcoa from $39.00 to $43.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, StockNews.com upgraded Alcoa from a sell rating to a hold rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Alcoa presently has a consensus rating of Hold and an average target price of $38.80.

Alcoa Stock Performance

AA stock opened at $32.90 on Monday. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm has a market cap of $5.91 billion, a P/E ratio of -8.75 and a beta of 2.45. Alcoa has a 12-month low of $23.07 and a 12-month high of $45.48. The stock’s 50 day simple moving average is $39.93 and its 200 day simple moving average is $34.66.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.05. The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.35) EPS. As a group, equities research analysts predict that Alcoa will post 0.53 EPS for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 1.22%. Alcoa’s payout ratio is -10.64%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of Alcoa by 34.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after purchasing an additional 1,104,423 shares in the last quarter. L1 Capital Pty Ltd bought a new position in shares of Alcoa in the first quarter worth $72,658,000. Capital Research Global Investors boosted its stake in Alcoa by 29.8% during the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock valued at $69,869,000 after buying an additional 475,000 shares in the last quarter. ARGA Investment Management LP boosted its stake in Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after buying an additional 997,912 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Alcoa by 43.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,478,424 shares of the industrial products company’s stock valued at $49,958,000 after buying an additional 444,393 shares in the last quarter.

Alcoa Company Profile

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.