JPMorgan Chase & Co. Trims Alcoa (NYSE:AA) Target Price to $52.00

JPMorgan Chase & Co. Trims Alcoa (NYSE:AA) Target Price to $52.00

Alcoa (NYSE:AA) had its price target lowered by JPMorgan Chase & Co. to $52.00 in a report released on Thursday, January 17th, The Fly reports. The firm currently has an overweight rating on the industrial products company’s stock.

AA has been the topic of a number of other research reports. Berenberg Bank started coverage on shares of Alcoa in a research report on Friday, September 21st. They issued a buy rating and a $54.00 target price on the stock. Credit Suisse Group cut their target price on shares of Alcoa from $65.00 to $58.00 and set an outperform rating on the stock in a research report on Tuesday, September 25th. Zacks Investment Research upgraded shares of Alcoa from a hold rating to a strong-buy rating and set a $48.00 target price on the stock in a research report on Tuesday, September 25th. Citigroup cut their price target on shares of Alcoa from $53.00 to $33.00 and set a neutral rating on the stock in a report on Friday, November 16th. Finally, ValuEngine lowered shares of Alcoa from a sell rating to a strong sell rating in a report on Tuesday, November 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $53.27.

NYSE:AA traded up $0.36 during mid-day trading on Thursday, hitting $27.65. The stock had a trading volume of 4,784,901 shares, compared to its average volume of 4,834,618. Alcoa has a twelve month low of $25.01 and a twelve month high of $62.35. The company has a market capitalization of $5.16 billion, a P/E ratio of 7.72, a price-to-earnings-growth ratio of 3.64 and a beta of 1.17. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.40.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, January 16th. The industrial products company reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.16. The company had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Alcoa had a net margin of 1.69% and a return on equity of 9.24%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $1.04 earnings per share. As a group, equities analysts forecast that Alcoa will post 1.89 earnings per share for the current year.

Alcoa declared that its board has authorized a share buyback plan on Wednesday, October 17th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AA. Capital World Investors lifted its stake in shares of Alcoa by 23.3% during the 3rd quarter. Capital World Investors now owns 23,593,647 shares of the industrial products company’s stock valued at $953,183,000 after buying an additional 4,459,077 shares in the last quarter. FMR LLC increased its holdings in shares of Alcoa by 191.0% in the 3rd quarter. FMR LLC now owns 2,137,654 shares of the industrial products company’s stock worth $86,360,000 after buying an additional 1,403,132 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in shares of Alcoa in the 4th quarter worth $24,002,000. Dimensional Fund Advisors LP increased its holdings in shares of Alcoa by 23.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,310,667 shares of the industrial products company’s stock worth $174,152,000 after buying an additional 831,410 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Alcoa by 282.5% in the 4th quarter. Prudential Financial Inc. now owns 1,076,685 shares of the industrial products company’s stock worth $28,619,000 after buying an additional 795,194 shares during the last quarter.

About Alcoa

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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