Jefferies Financial Group Increases Alcoa (NYSE:AA) Price Target to $75.00

Alcoa (NYSE:AA) had its price target hoisted by Jefferies Financial Group from $65.00 to $75.00 in a report issued on Wednesday, The Fly reports.

Several other research firms have also weighed in on AA. Credit Suisse Group lifted their price objective on Alcoa from $51.00 to $56.00 and gave the company an outperform rating in a research note on Tuesday, September 14th. Argus raised Alcoa from a hold rating to a buy rating and boosted their price target for the stock from $49.94 to $58.00 in a research report on Wednesday, September 15th. Wolfe Research started coverage on Alcoa in a research report on Tuesday, November 16th. They issued an outperform rating and a $63.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Alcoa from $50.00 to $52.00 and gave the company an overweight rating in a research report on Tuesday, October 5th. Finally, B. Riley upped their target price on Alcoa from $51.00 to $52.00 and gave the company a neutral rating in a research report on Friday, October 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Alcoa has an average rating of Buy and an average price target of $57.92.

AA opened at $61.39 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.46 and a quick ratio of 0.88. The stock has a market capitalization of $11.49 billion, a price-to-earnings ratio of 14.28 and a beta of 2.45. The business has a 50-day moving average of $52.95 and a two-hundred day moving average of $46.99. Alcoa has a 12 month low of $17.30 and a 12 month high of $64.37.

Alcoa (NYSE:AA) last released its quarterly earnings data on Thursday, October 14th. The industrial products company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.25. The business had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.92 billion. Alcoa had a return on equity of 16.78% and a net margin of 7.29%. The company’s revenue was up 31.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.17) EPS. Equities research analysts anticipate that Alcoa will post 6.26 earnings per share for the current year.

Alcoa declared that its Board of Directors has approved a share buyback program on Thursday, October 14th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, CFO William F. Oplinger sold 166,369 shares of the company’s stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $48.40, for a total transaction of $8,052,259.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

A number of institutional investors and hedge funds have recently modified their holdings of AA. Kestra Advisory Services LLC lifted its holdings in shares of Alcoa by 138.1% in the third quarter. Kestra Advisory Services LLC now owns 25,997 shares of the industrial products company’s stock valued at $1,272,000 after buying an additional 15,078 shares during the period. Jennison Associates LLC lifted its holdings in shares of Alcoa by 104.9% in the second quarter. Jennison Associates LLC now owns 236,922 shares of the industrial products company’s stock valued at $8,728,000 after buying an additional 121,277 shares during the period. Impala Asset Management LLC acquired a new stake in shares of Alcoa in the second quarter valued at $38,268,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Alcoa in the second quarter valued at $2,950,000. Finally, LMR Partners LLP acquired a new stake in shares of Alcoa in the second quarter valued at $2,359,000.

About Alcoa

Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.

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