Alcoa (AA) Raised to Outperform at Credit Suisse Group

Credit Suisse Group upgraded shares of Alcoa (NYSE:AA) from a neutral rating to an outperform rating in a research report released on Wednesday morning, Marketbeat Ratings reports. They currently have $61.00 target price on the industrial products company’s stock, up from their previous target price of $42.00.

A number of other brokerages also recently commented on AA. Gabelli downgraded Alcoa from a buy rating to a hold rating and upped their target price for the company from $57.00 to $60.00 in a report on Wednesday, October 4th. Berenberg Bank set a $44.00 target price on Alcoa and gave the company a hold rating in a report on Wednesday, October 18th. J P Morgan Chase & Co restated a buy rating and set a $60.00 target price on shares of Alcoa in a report on Thursday, October 19th. Macquarie restated a buy rating and set a $62.00 target price (up previously from $55.00) on shares of Alcoa in a report on Tuesday, October 10th. Finally, Cowen set a $51.00 target price on Alcoa and gave the company a hold rating in a report on Wednesday, October 11th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Alcoa has an average rating of Buy and an average target price of $53.07.

Shares of Alcoa (AA) opened at $49.99 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.38 and a quick ratio of 0.90. Alcoa has a 12-month low of $28.01 and a 12-month high of $50.31. The firm has a market capitalization of $9,250.00 and a P/E ratio of 34.24.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.95 billion. Alcoa had a net margin of 2.61% and a return on equity of 4.90%. Alcoa’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS. equities research analysts forecast that Alcoa will post 3.19 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Alcoa by 14.5% in the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after acquiring an additional 1,885,745 shares during the last quarter. Elliott Management Corp boosted its position in shares of Alcoa by 14.7% during the second quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after buying an additional 1,500,000 shares during the last quarter. Balyasny Asset Management LLC boosted its position in shares of Alcoa by 22.8% during the second quarter. Balyasny Asset Management LLC now owns 7,848,750 shares of the industrial products company’s stock valued at $256,262,000 after buying an additional 1,458,488 shares during the last quarter. BlackRock Inc. boosted its position in shares of Alcoa by 14.1% during the second quarter. BlackRock Inc. now owns 7,779,093 shares of the industrial products company’s stock valued at $253,986,000 after buying an additional 958,494 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of Alcoa by 163.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock valued at $148,198,000 after buying an additional 2,816,320 shares during the last quarter.

TRADEMARK VIOLATION WARNING: “Alcoa (AA) Raised to Outperform at Credit Suisse Group” was first reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this story on another site, it was stolen and reposted in violation of United States & international copyright and trademark legislation. The legal version of this story can be viewed at https://www.com-unik.info/2017/12/23/alcoa-aa-raised-to-outperform-at-credit-suisse-group.html.

About Alcoa

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

Analyst Recommendations for Alcoa (NYSE:AA)

Receive News & Ratings for Alcoa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alcoa and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit