Alcoa’s (AA) “Underperform” Rating Reiterated at Bank of America

Bank of America restated their underperform rating on shares of Alcoa (NYSE:AA) in a research report report published on Tuesday, Marketbeat.com reports. The brokerage currently has a $26.00 price objective on the industrial products company’s stock, down from their prior price objective of $58.00.

AA has been the subject of a number of other reports. HC Wainwright increased their price target on Alcoa to $90.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. UBS Group cut their price target on shares of Alcoa from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. Morgan Stanley lowered their price objective on shares of Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. JPMorgan Chase & Co. increased their target price on shares of Alcoa from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, B. Riley raised shares of Alcoa to a “strong-buy” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.25.

Alcoa Stock Down 7.9 %

Shares of NYSE:AA opened at $23.81 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.86 and a current ratio of 1.45. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The business’s 50 day simple moving average is $32.50 and its two-hundred day simple moving average is $37.53. The firm has a market cap of $6.16 billion, a P/E ratio of -148.78, a PEG ratio of 0.19 and a beta of 2.28.

Alcoa (NYSE:AA) last released its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a net margin of 0.50% and a return on equity of 5.54%. As a group, research analysts forecast that Alcoa will post 4.43 EPS for the current fiscal year.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Tuesday, March 4th. Alcoa’s dividend payout ratio (DPR) is -250.00%.

Hedge Funds Weigh In On Alcoa

Several hedge funds have recently made changes to their positions in AA. Vanguard Group Inc. boosted its holdings in shares of Alcoa by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 25,979,129 shares of the industrial products company’s stock valued at $981,491,000 after buying an additional 165,420 shares in the last quarter. State Street Corp grew its stake in shares of Alcoa by 23.3% in the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock worth $368,965,000 after buying an additional 1,805,915 shares during the last quarter. Norges Bank bought a new stake in Alcoa in the fourth quarter worth $259,273,000. Geode Capital Management LLC grew its position in Alcoa by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,232,766 shares of the industrial products company’s stock valued at $159,966,000 after purchasing an additional 39,022 shares during the last quarter. Finally, ARGA Investment Management LP lifted its stake in shares of Alcoa by 29.6% in the fourth quarter. ARGA Investment Management LP now owns 2,998,311 shares of the industrial products company’s stock worth $113,276,000 after buying an additional 684,505 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

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.