Alcoa Receives Buy Upgrade: Analysts Predict 15.44% Price Increase

On October 23, 2024, Argus Research revised its stance on Alcoa (XTRA:185), changing their outlook from Hold to Buy.

Analyst Price Forecast Projects Significant Growth

As of October 21, 2024, analysts anticipate an average price target of 43,71 €/share for Alcoa over the next year. Predictions vary, with a low of 34,81 € and a high of 52,38 €. The average target signifies a potential increase of 15.44% from the company’s latest closing price of 37,86 € per share.

Strong Revenue Growth Expected

Alcoa’s projected annual revenue is estimated at 13,166MM, indicating a robust 19.65% growth. Expectations for non-GAAP EPS stand at 5.32.

Investor Interest on the Rise

Currently, 890 funds or institutions are reported to hold positions in Alcoa, marking an increase of 36 investors or 4.22% from the previous quarter. The average portfolio weight allocated to Alcoa across all funds is 0.20%, reflecting a rise of 2.93%. Over the last three months, total institutional shares have grown by 5.13% to reach 174,396K shares.

Key Institutional Holders

Eagle Capital Management leads with 15,006K shares, accounting for 5.81% ownership of Alcoa. VTSMX – Vanguard Total Stock Market Index Fund Investor Shares follows closely with 5,643K shares (2.18% ownership). This fund has increased its stake by 0.43% in its latest filing, boosting its overall investment in Alcoa by 14.98% in the last quarter.

Furthermore, IJH – iShares Core S&P Mid-Cap ETF holds 5,585K shares, constituting 2.16% ownership and increasing its share count by 0.52%. The firm also raised its investment in Alcoa by 21.14% recently. Conversely, NAESX – Vanguard Small-Cap Index Fund Investor Shares reports 4,517K shares (1.75% ownership), reflecting a decrease from 4,579K shares, although it still increased its portfolio allocation by 21.82% this quarter. Lastly, Slate Path Capital maintains 3,731K shares, or 1.44% ownership, and increased its portfolio allocation by 7.05%, despite a prior decrease.

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