Alcoa Corp (AA) Cut to “Hold” at Berenberg Bank

Berenberg Bank downgraded shares of Alcoa Corp (NYSE:AA) from a buy rating to a hold rating in a research note released on Friday morning, Marketbeat.com reports. The brokerage currently has $44.00 price objective on the industrial products company’s stock, up from their previous price objective of $41.00.

Several other research firms have also issued reports on AA. Morgan Stanley reaffirmed an overweight rating and issued a $47.00 price objective on shares of Alcoa Corp in a research note on Wednesday, September 20th. BMO Capital Markets lifted their price objective on shares of Alcoa Corp from $45.00 to $60.00 and gave the company an outperform rating in a research note on Wednesday, September 13th. Zacks Investment Research raised shares of Alcoa Corp from a hold rating to a buy rating and set a $50.00 price objective for the company in a research note on Thursday, September 14th. Macquarie began coverage on shares of Alcoa Corp in a research note on Thursday, September 7th. They issued an outperform rating for the company. Finally, Deutsche Bank AG raised shares of Alcoa Corp from a hold rating to a buy rating and lifted their price objective for the company from $44.00 to $60.00 in a research note on Tuesday, September 12th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $43.69.

Alcoa Corp (NYSE AA) opened at 45.38 on Friday. Alcoa Corp has a 52-week low of $20.00 and a 52-week high of $47.95. The company has a market cap of $8.37 billion and a P/E ratio of 51.63. The stock’s 50 day moving average price is $44.87 and its 200-day moving average price is $44.87.

Alcoa Corp (NYSE:AA) last released its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the business earned $0.15 EPS. Alcoa Corp’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Alcoa Corp will post $2.93 earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the company. State of Wisconsin Investment Board raised its position in shares of Alcoa Corp by 9.5% during the second quarter. State of Wisconsin Investment Board now owns 146,169 shares of the industrial products company’s stock valued at $4,772,000 after buying an additional 12,650 shares during the last quarter. Bank of Montreal Can raised its position in shares of Alcoa Corp by 18.2% during the second quarter. Bank of Montreal Can now owns 1,184,271 shares of the industrial products company’s stock valued at $38,666,000 after buying an additional 182,736 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Alcoa Corp during the first quarter valued at about $775,000. Rhumbline Advisers raised its position in shares of Alcoa Corp by 14.3% during the second quarter. Rhumbline Advisers now owns 172,839 shares of the industrial products company’s stock valued at $5,643,000 after buying an additional 21,642 shares during the last quarter. Finally, Jennison Associates LLC acquired a new position in shares of Alcoa Corp during the second quarter valued at about $10,324,000.

About Alcoa Corp

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 Corp (NYSE:AA)

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