Alcoa (NYSE:AA) Given New $49.00 Price Target at Morgan Stanley

Alcoa (NYSE:AA) had its target price upped by Morgan Stanley from $48.00 to $49.00 in a report released on Friday, Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other analysts have also recently weighed in on AA. StockNews.com raised shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday. UBS Group raised their price target on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price objective on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday. Bank of America upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $52.00 in a research report on Tuesday, October 1st. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Alcoa has an average rating of “Moderate Buy” and an average price target of $44.45.

Alcoa Stock Performance

Shares of AA stock opened at $41.72 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average of $34.96 and a two-hundred day moving average of $36.79. The company has a market cap of $7.49 billion, a P/E ratio of -11.10 and a beta of 2.42. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business earned ($1.14) EPS. As a group, analysts anticipate that Alcoa will post 0.29 EPS for the current year.

Alcoa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 29th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 annualized dividend and a dividend yield of 0.96%. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Institutional Trading of Alcoa

Several institutional investors and hedge funds have recently added to or reduced their stakes in AA. Douglas Lane & Associates LLC grew its position in Alcoa by 12.9% in the first quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock worth $45,675,000 after buying an additional 154,403 shares during the last quarter. ARGA Investment Management LP grew its holdings in shares of Alcoa by 202.2% in the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after acquiring an additional 997,912 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Alcoa during the first quarter worth $593,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Alcoa during the second quarter valued at $706,000. Finally, Blue Trust Inc. boosted its position in shares of Alcoa by 536.7% in the 2nd quarter. Blue Trust Inc. now owns 2,878 shares of the industrial products company’s stock valued at $114,000 after purchasing an additional 2,426 shares during the period. 82.39% of the stock is owned by institutional investors and hedge funds.

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.