Alcoa (NYSE:AA) Stock Price Target Lowered at Morgan Stanley

by · The Cerbat Gem

Alcoa (NYSE:AA – Get Free Report) had its price target lowered by equities research analysts at Morgan Stanley from $53.00 to $50.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s price target indicates a potential upside of 18.52% from the stock’s current price.

Several other equities analysts also recently commented on AA. BMO Capital Markets decreased their price objective on shares of Alcoa from $60.00 to $55.00 and set a “market perform” rating on the stock in a report on Friday, July 17th. JPMorgan Chase & Co. cut their target price on shares of Alcoa from $55.00 to $52.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Wells Fargo & Company reduced their target price on shares of Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, September 18th. Freedom Broker upped their price target on shares of Alcoa from $64.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Finally, Argus lowered their price target on shares of Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $61.17.

Get Our Latest Report on Alcoa

Alcoa Stock Performance

Shares of AA traded down $0.98 during mid-day trading on Wednesday, reaching $42.19. The company’s stock had a trading volume of 642,992 shares, compared to its average volume of 5,847,460. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. Alcoa has a 1-year low of $35.01 and a 1-year high of $84.38. The business has a 50-day simple moving average of $47.68 and a two-hundred day simple moving average of $56.93. The stock has a market cap of $11.13 billion, a P/E ratio of 8.67, a PEG ratio of 0.49 and a beta of 1.74.

Alcoa (NYSE:AA – Get Free Report) last posted its earnings results on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%.The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, equities research analysts anticipate that Alcoa will post 6.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Renato Bacchi sold 700 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $51.02, for a total value of $35,714.00. Following the completion of the sale, the executive vice president owned 74,930 shares of the company’s stock, valued at approximately $3,822,928.60. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Tammi Jones sold 15,628 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $50.60, for a total transaction of $790,776.80. Following the completion of the transaction, the executive vice president owned 39,819 shares in the company, valued at $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Alcoa in the second quarter valued at approximately $1,528,523,000. Quantbot Technologies LP bought a new stake in Alcoa during the second quarter worth $1,179,000. Fifth Third Bancorp boosted its holdings in shares of Alcoa by 3,061.2% in the 1st quarter. Fifth Third Bancorp now owns 63,098 shares of the industrial products company’s stock valued at $4,185,000 after purchasing an additional 61,102 shares in the last quarter. XY Capital Ltd acquired a new stake in shares of Alcoa in the 1st quarter valued at $1,662,000. Finally, Advisors Preferred LLC bought a new position in shares of Alcoa in the 1st quarter valued at $1,613,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

(Get Free Report)

Alcoa Corporation (NYSE:AA) is a global producer of aluminum and an integrated participant in the aluminum industry. Its operations span the value chain from bauxite mining and alumina refining to aluminum smelting, casting and recycling.

The company supplies aluminum products used in transportation, building and construction, packaging, aerospace, automotive, electrical and other industrial applications. Its portfolio includes primary aluminum, alumina, aluminum billets and other cast products, as well as low-carbon and recycled aluminum offerings.

Alcoa traces its origins to the Pittsburgh Reduction Company, founded in 1888, and has helped develop the modern aluminum industry.

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