JPMorgan Chase & Co. Cuts Alcoa (NYSE:AA) Price Target to $27.00

Alcoa (NYSE:AA) had its price objective reduced by JPMorgan Chase & Co. from $28.00 to $27.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Several other equities analysts have also commented on AA. UBS Group reissued a “neutral” rating and set a $31.00 price target on shares of Alcoa in a research report on Thursday, May 15th. Wall Street Zen lowered Alcoa from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd. Barclays boosted their price target on Alcoa to $31.00 and gave the stock a “hold” rating in a research report on Friday, May 16th. Citigroup raised Alcoa to a “buy” rating and set a $42.00 price target on the stock in a research report on Tuesday, July 8th. Finally, Bank of America upped their target price on Alcoa from $26.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.23.

Alcoa Trading Up 3.1%

NYSE:AA opened at $30.29 on Thursday. The company has a market capitalization of $7.84 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 0.19 and a beta of 2.25. The company has a quick ratio of 1.00, a current ratio of 1.65 and a debt-to-equity ratio of 0.42. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The stock has a fifty day simple moving average of $28.94 and a 200-day simple moving average of $30.83.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.10. Alcoa had a net margin of 7.86% and a return on equity of 19.27%. The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the company posted $0.16 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts expect that Alcoa will post 4.43 earnings per share for the current fiscal year.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Tuesday, May 20th were issued a $0.10 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $0.40 annualized dividend and a dividend yield of 1.32%. Alcoa’s dividend payout ratio (DPR) is 10.44%.

Institutional Investors Weigh In On Alcoa

Hedge funds have recently modified their holdings of the stock. Proficio Capital Partners LLC purchased a new position in Alcoa during the fourth quarter valued at approximately $1,223,000. Raymond James Financial Inc. purchased a new position in Alcoa during the fourth quarter valued at approximately $1,639,000. Natixis Advisors LLC grew its position in Alcoa by 27.2% during the fourth quarter. Natixis Advisors LLC now owns 12,808 shares of the industrial products company’s stock valued at $484,000 after purchasing an additional 2,742 shares in the last quarter. Corient Private Wealth LLC increased its position in Alcoa by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 21,602 shares of the industrial products company’s stock worth $816,000 after purchasing an additional 948 shares during the last quarter. Finally, Boston Partners increased its position in Alcoa by 77.4% in the 4th quarter. Boston Partners now owns 500,033 shares of the industrial products company’s stock worth $18,895,000 after purchasing an additional 218,224 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.