Alcoa (NYSE:AA) Price Target Raised to $48.00 at Jefferies Financial Group

Alcoa (NYSE:AA) had its target price upped by Jefferies Financial Group from $45.00 to $48.00 in a report issued on Thursday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the industrial products company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Alcoa from $27.00 to $29.50 and gave the stock an underweight rating in a research note on Thursday, January 18th. Bank of America lifted their price target on Alcoa from $31.00 to $32.00 and gave the stock a neutral rating in a report on Monday, March 18th. UBS Group initiated coverage on Alcoa in a report on Tuesday, January 16th. They set a sell rating and a $29.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Alcoa from $30.00 to $32.00 and gave the stock a neutral rating in a report on Thursday, January 18th. Finally, StockNews.com upgraded shares of Alcoa from a sell rating to a hold rating in a report on Tuesday, April 9th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $32.71.

Alcoa Price Performance

Alcoa stock opened at $35.48 on Thursday. The company’s fifty day moving average price is $30.97 and its 200 day moving average price is $29.02. Alcoa has a 1 year low of $23.07 and a 1 year high of $42.23. The stock has a market capitalization of $6.37 billion, a P/E ratio of -9.72, a P/E/G ratio of 2.32 and a beta of 2.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.74 and a current ratio of 1.45.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.19). Alcoa had a negative return on equity of 6.56% and a negative net margin of 6.17%. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm earned ($0.23) EPS. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Alcoa will post 0.33 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Monday, March 4th. Alcoa’s dividend payout ratio is presently -10.96%.

Insider Transactions at Alcoa

In other news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total transaction of $814,685.04. Following the completion of the transaction, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On Alcoa

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Michigan Retirement System lifted its stake in Alcoa by 2.6% in the first quarter. State of Michigan Retirement System now owns 43,875 shares of the industrial products company’s stock valued at $1,483,000 after buying an additional 1,100 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Alcoa by 15.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,344 shares of the industrial products company’s stock worth $485,000 after purchasing an additional 1,867 shares during the last quarter. Diversified Trust Co raised its stake in shares of Alcoa by 5.7% during the first quarter. Diversified Trust Co now owns 7,750 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 416 shares during the last quarter. ARGA Investment Management LP raised its stake in shares of Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after purchasing an additional 997,912 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in shares of Alcoa during the first quarter worth approximately $252,000. 82.39% of the stock is owned by institutional investors and hedge funds.

About Alcoa

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.