JPMorgan Chase & Co. Issues Positive Forecast for Alcoa (NYSE:AA) Stock Price

Alcoa (NYSE:AA) had its price objective raised by JPMorgan Chase & Co. from $25.00 to $28.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company’s stock.

A number of other research firms have also commented on AA. B. Riley dropped their price objective on Alcoa from $44.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Q1 EBITDA beat expectations, Q2 EBITDA estimate raised to 439M from 351M Barclays boosted their price target on Alcoa to $31.00 and gave the company a “hold” rating in a research note on Friday, May 16th. UBS Group reaffirmed a “neutral” rating and set a $31.00 price objective on shares of Alcoa in a report on Thursday, May 15th. HC Wainwright lifted their price objective on Alcoa to $90.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. Finally, Bank of America reaffirmed an “underperform” rating and set a $26.00 price objective (down from $58.00) on shares of Alcoa in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $42.75.

Alcoa Price Performance

Shares of NYSE:AA opened at $28.35 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Alcoa has a 1 year low of $21.53 and a 1 year high of $47.77. The business has a fifty day simple moving average of $26.77 and a 200 day simple moving average of $32.45. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of 8.54, a P/E/G ratio of 0.16 and a beta of 2.26.

Alcoa (NYSE:AA) last posted its earnings results on Wednesday, April 16th. The industrial products company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.42. Alcoa had a return on equity of 18.56% and a net margin of 6.79%. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.58 billion. As a group, sell-side analysts predict that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Tuesday, May 20th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Tuesday, May 20th. Alcoa’s payout ratio is presently 12.05%.

Hedge Funds Weigh In On Alcoa

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its stake in shares of Alcoa by 77.1% during the 4th quarter. Bessemer Group Inc. now owns 680 shares of the industrial products company’s stock worth $26,000 after buying an additional 296 shares during the last quarter. 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 buying an additional 520 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Alcoa during the 4th quarter worth about $29,000. Point72 Hong Kong Ltd acquired a new position in shares of Alcoa during the 4th quarter worth about $36,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Alcoa by 59.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,051 shares of the industrial products company’s stock worth $39,000 after buying an additional 393 shares during the last quarter.

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.