Alcoa Inc (AA) is Reiterated by Cowen to Market Perform, Raises Price Target to $ 30

Alcoa Inc (AA) was Reiterated by Cowen to “Market Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 30 from a previous price target of $10 . Cowen advised their investors in a research report released on Oct 13, 2016.

Many Wall Street Analysts have commented on Alcoa Inc. Shares were Reiterated by RBC Capital Mkts on Oct 12, 2016 to “Sector Perform” and Lowered the Price Target to $ 31 from a previous price target of $33 .Alcoa Inc was Downgraded by BofA/Merrill to ” Neutral” on Oct 12, 2016. Company shares were Reiterated by Stifel on Oct 7, 2016 to “Buy”, Firm has raised the Price Target to $ 39 from a previous price target of $13 .

On the company’s financial health, Alcoa Inc reported $0.32 EPS for the quarter, based on the information available during the earnings call on Oct 11, 2016. Analyst had a consensus estimate of $0.32. The company had revenue of $5213.00 million for the quarter, compared to analysts expectations of $5292.01 million. The company’s revenue was down -6.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.07 EPS.

Alcoa Inc closed down -3.6 points or -11.42% at $27.91 with 3,26,68,220 shares getting traded on Tuesday. Post opening the session at $29.73, the shares hit an intraday low of $27.89 and an intraday high of $29.73 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

Investors should note that on Sep 29, 2016, Alcoa Inc announced a cash dividend of $0.9375. The company’s management has announced Dec 7, 2016 as the ex-dividend date and fixed the record date on Dec 9, 2016. The payable date has been fixed on Jan 1, 2017.

In a different news, on Jul 15, 2016, Martin Sorrell (director) purchased 1,990 shares at $10.73 per share price. According to the SEC, on Jul 15, 2016, Ratan Tata (director) purchased 2,045 shares at $10.73 per share price. On Apr 28, 2016, Ulrich Schmidt (director) purchased 5,000 shares at $10.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Alcoa Inc. (Alcoa) is engaged in lightweight metals engineering and manufacturing. The Company operates in four segments: Alumina Primary Metals Global Rolled Products and Engineered Products and Solutions. Its products which include aluminum titanium and nickel are used in aircraft automobiles commercial transportation packaging building and construction oil and gas defense consumer electronics and industrial applications across the world. It also produces and manages primary aluminum fabricated aluminum and alumina combined through its active participation in the aspects of the industry including technology mining refining smelting fabricating and recycling. The Company has investments and operating activities in Australia Brazil China Guinea Iceland Russia and Saudi Arabia among others. It produces three dimensional (3D-printed) titanium specialty metals and plastic parts for aerospace medical and energy applications.

Alcoa Inc

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