Bank of America Forecasts Strong Price Appreciation for Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA) had its price target increased by analysts at Bank of America to $58.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price objective indicates a potential upside of 57.15% from the stock’s previous close.

AA has been the subject of several other reports. Jefferies Financial Group reduced their target price on Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 6th. B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and increased their price target for the stock from $41.00 to $50.00 in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Morgan Stanley boosted their target price on Alcoa from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.36.

Alcoa Stock Performance

Shares of NYSE AA traded down $0.44 during mid-day trading on Friday, reaching $36.91. 728,402 shares of the company were exchanged, compared to its average volume of 5,034,445. The stock has a market capitalization of $9.54 billion, a P/E ratio of -231.28, a P/E/G ratio of 0.16 and a beta of 2.47. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. Alcoa has a twelve month low of $24.86 and a twelve month high of $47.77. The company’s 50-day simple moving average is $40.46 and its 200-day simple moving average is $37.69.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.48%. As a group, research analysts predict that Alcoa will post 4.27 earnings per share for the current year.

Institutional Trading of Alcoa

Hedge funds have recently modified their holdings of the business. Newbridge Financial Services Group Inc. purchased a new position in shares of Alcoa in the 2nd quarter valued at $27,000. UMB Bank n.a. raised its holdings in shares of Alcoa by 481.7% during the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after buying an additional 631 shares during the last quarter. Quarry LP bought a new position in Alcoa during the third quarter valued at about $43,000. Continuum Advisory LLC grew its holdings in shares of Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 1,070 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Alcoa by 399.0% in the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 1,157 shares during the period.

About Alcoa

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.