Alcoa (NYSE:AA) Price Target Cut to $84.00

Alcoa (NYSE:AAGet Rating) had its price objective lowered by stock analysts at B. Riley from $91.00 to $84.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has a “neutral” rating on the industrial products company’s stock. B. Riley’s price objective indicates a potential upside of 24.68% from the company’s previous close. B. Riley also issued estimates for Alcoa’s Q1 2023 earnings at $2.35 EPS.

Other equities research analysts have also issued research reports about the company. lowered Alcoa from a “buy” rating to a “hold” rating in a research note on Friday, March 25th. Wolfe Research reaffirmed a “buy” rating and set a $105.00 price target on shares of Alcoa in a research report on Friday, March 25th. JPMorgan Chase & Co. upped their price target on Alcoa from $67.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, March 7th. BMO Capital Markets upped their price target on Alcoa from $57.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, January 20th. Finally, Morgan Stanley lowered Alcoa from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $78.00 to $100.00 in a research report on Wednesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Alcoa has an average rating of “Buy” and a consensus target price of $93.17.

Shares of AA stock opened at $67.37 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.56 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $83.32 and a two-hundred day moving average price of $64.08. Alcoa has a 12-month low of $31.00 and a 12-month high of $98.09. The firm has a market cap of $12.42 billion, a P/E ratio of 30.48 and a beta of 2.30.

Alcoa (NYSE:AAGet Rating) last issued its quarterly earnings results on Wednesday, April 20th. The industrial products company reported $3.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.14. Alcoa had a return on equity of 23.54% and a net margin of 3.53%. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. The company’s revenue was up 14.7% compared to the same quarter last year. As a group, research analysts expect that Alcoa will post 14.16 EPS for the current fiscal year.

In other news, EVP Jeffrey D. Heeter sold 29,440 shares of the stock in a transaction on Tuesday, January 25th. The stock was sold at an average price of $60.31, for a total transaction of $1,775,526.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Molly S. Beerman sold 12,500 shares of the stock in a transaction on Friday, February 4th. The shares were sold at an average price of $64.53, for a total value of $806,625.00. The disclosure for this sale can be found here. Insiders sold a total of 326,109 shares of company stock worth $20,224,090 over the last ninety days.

Institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC bought a new position in Alcoa in the 3rd quarter worth $12,221,000. Falcon Edge Capital LP purchased a new stake in Alcoa in the 3rd quarter worth $23,237,000. Brookstone Capital Management purchased a new stake in Alcoa in the 3rd quarter worth $2,246,000. State of Michigan Retirement System purchased a new stake in Alcoa in the 4th quarter worth $2,788,000. Finally, KBC Group NV increased its stake in Alcoa by 12.0% in the 4th quarter. KBC Group NV now owns 6,047 shares of the industrial products company’s stock worth $360,000 after buying an additional 649 shares in the last quarter.

About Alcoa (Get Rating)

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 three segments: Bauxite, 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.

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