Alcoa (NYSE:AA) Price Target Raised to $39.00 at JPMorgan Chase & Co.

Alcoa (NYSE:AA) had its price objective raised by JPMorgan Chase & Co. from $36.00 to $39.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the company. B. Riley upgraded Alcoa from a “neutral” rating to a “buy” rating and increased their price objective for the company from $41.00 to $50.00 in a research report on Thursday. StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Morgan Stanley dropped their price target on Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Wednesday, September 4th. Finally, UBS Group lifted their target price on shares of Alcoa from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.36.

Alcoa Price Performance

NYSE:AA opened at $40.33 on Thursday. Alcoa has a 52-week low of $23.07 and a 52-week high of $45.48. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. The firm has a market cap of $7.24 billion, a P/E ratio of -10.73 and a beta of 2.42. The business’s 50-day moving average price is $34.74 and its 200 day moving average price is $36.74.

Alcoa (NYSE:AA) last released its earnings results on Wednesday, October 16th. The industrial products company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.34. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.14) EPS. As a group, sell-side analysts predict that Alcoa will post 0.29 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, October 29th. This represents a $0.40 annualized dividend and a yield of 0.99%. Alcoa’s dividend payout ratio is presently -10.64%.

Institutional Investors Weigh In On Alcoa

A number of institutional investors have recently modified their holdings of AA. Los Angeles Capital Management LLC acquired a new position in shares of Alcoa in the first quarter worth $210,000. Banque Cantonale Vaudoise grew its stake in Alcoa by 24.7% in the first quarter. Banque Cantonale Vaudoise now owns 4,044 shares of the industrial products company’s stock valued at $137,000 after purchasing an additional 800 shares in the last quarter. Douglas Lane & Associates LLC increased its position in Alcoa by 12.9% in the 1st quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock worth $45,675,000 after purchasing an additional 154,403 shares during the last quarter. Ballentine Partners LLC purchased a new stake in shares of Alcoa during the 1st quarter worth about $252,000. Finally, ARGA Investment Management LP raised its stake in shares of Alcoa by 202.2% during the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after purchasing an additional 997,912 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

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.