JPMorgan Chase & Co. Cuts Alcoa (NYSE:AA) Price Target to $28.00

Alcoa (NYSE:AA) had its target price cut by JPMorgan Chase & Co. from $40.00 to $28.00 in a research note released on Thursday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group reduced their price objective on Alcoa from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley cut their price target on Alcoa from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. UBS Group lowered their price objective on Alcoa from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, March 27th. HC Wainwright upped their target price on shares of Alcoa to $90.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Finally, B. Riley upgraded shares of Alcoa to a “strong-buy” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Alcoa currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.25.

Alcoa Stock Performance

NYSE:AA opened at $24.77 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.45 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $32.27 and a 200 day moving average price of $37.45. The firm has a market capitalization of $6.41 billion, a PE ratio of -154.78, a price-to-earnings-growth ratio of 0.19 and a beta of 2.28. Alcoa has a 12-month low of $21.53 and a 12-month high of $47.77.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.13. Alcoa had a return on equity of 5.54% and a net margin of 0.50%. Research analysts anticipate that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Tuesday, March 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Tuesday, March 4th. Alcoa’s payout ratio is -250.00%.

Institutional Investors Weigh In On Alcoa

A number of institutional investors and hedge funds have recently made changes to their positions in AA. Bessemer Group Inc. lifted its stake in Alcoa by 77.1% in the 4th quarter. Bessemer Group Inc. now owns 680 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 296 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Alcoa in the fourth quarter valued at approximately $29,000. Versant Capital Management Inc boosted its stake in shares of Alcoa by 134.7% during the 1st quarter. Versant Capital Management Inc now owns 906 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 520 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Alcoa during the 4th quarter worth approximately $36,000. Finally, Smartleaf Asset Management LLC raised its stake in Alcoa by 59.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 393 shares during the period. Institutional investors own 82.39% of the company’s stock.

About Alcoa

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.