Alcoa (NYSE:AA) had its price objective increased by investment analysts at JPMorgan Chase & Co. to $68.00 in a research report issued to clients and investors on Thursday. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 30.32% from the company’s previous close.
A number of other equities analysts also recently issued reports on AA. Morgan Stanley reissued an “overweight” rating and set a $47.00 target price on shares of Alcoa in a research note on Wednesday, September 20th. Berenberg Bank downgraded Alcoa from a “buy” rating to a “hold” rating and raised their price objective for the company from $41.00 to $44.00 in a research note on Friday, September 22nd. Citigroup reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Alcoa in a research note on Friday, September 29th. Gabelli downgraded Alcoa from a “buy” rating to a “hold” rating and raised their price objective for the company from $57.00 to $60.00 in a research note on Wednesday, October 4th. Finally, Macquarie reaffirmed a “buy” rating and issued a $62.00 price objective (up from $55.00) on shares of Alcoa in a research note on Tuesday, October 10th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $56.00.
Shares of Alcoa (NYSE:AA) traded down $4.81 during mid-day trading on Thursday, hitting $52.18. The stock had a trading volume of 12,173,505 shares, compared to its average volume of 4,100,000. The stock has a market cap of $9,670.00 and a P/E ratio of 35.74. Alcoa has a fifty-two week low of $29.55 and a fifty-two week high of $57.50. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17.
Alcoa (NYSE:AA) last issued its earnings results on Wednesday, January 17th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.19). The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Alcoa had a return on equity of 4.90% and a net margin of 2.61%. The business’s quarterly revenue was up 25.1% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. analysts expect that Alcoa will post 3.19 earnings per share for the current year.
Large investors have recently made changes to their positions in the business. Elliott Management Corp grew its holdings in Alcoa by 14.7% during the 2nd quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock valued at $383,228,000 after buying an additional 1,500,000 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in Alcoa by 13.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 418,466 shares of the industrial products company’s stock valued at $13,663,000 after buying an additional 49,441 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Alcoa by 1.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 220,201 shares of the industrial products company’s stock valued at $10,266,000 after buying an additional 2,790 shares during the last quarter. Vanguard Group Inc. grew its holdings in Alcoa by 14.5% during the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock valued at $484,895,000 after buying an additional 1,885,745 shares during the last quarter. Finally, Cipher Capital LP acquired a new stake in Alcoa during the 3rd quarter valued at $646,000.
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Alcoa Company Profile
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.
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