Alcoa (NYSE:AA) Price Target Raised to $34.00

Key Points

• JPMorgan Chase & Co. raised Alcoa's price target from $27.00 to $34.00, maintaining a "neutral" rating, indicating potential downside for investors.
• Other analysts also adjusted their ratings, with Morgan Stanley upgrading to $42.50 (overweight) and B. Riley to $40.00 (buy).
• Alcoa's latest quarterly results beat expectations, reporting $0.39 EPS and $3.02 billion in revenue, signifying a 3.9% year-over-year revenue increase.

Alcoa (NYSE:AA - Get Free Report) had its price target boosted by analysts at JPMorgan Chase & Co. from $27.00 to $34.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price objective points to a potential downside of 10.25% from the company's current price.

Several other equities research analysts also recently commented on AA. Morgan Stanley boosted their price objective on Alcoa from $38.00 to $42.50 and gave the company an "overweight" rating in a report on Wednesday. B. Riley boosted their price target on shares of Alcoa from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Weiss Ratings raised shares of Alcoa from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. UBS Group boosted their target price on shares of Alcoa from $31.00 to $34.00 and gave the stock a "neutral" rating in a research report on Friday, September 19th. Finally, Wall Street Zen lowered shares of Alcoa from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Alcoa presently has a consensus rating of "Hold" and an average target price of $43.04.

Alcoa Stock Up 2.2%

Alcoa stock opened at $37.88 on Thursday. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 0.22 and a beta of 2.20. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.65. The firm has a 50 day moving average price of $31.80 and a two-hundred day moving average price of $29.38.

Alcoa (NYSE:AA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.10. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.96 billion. Alcoa had a return on equity of 19.18% and a net margin of 7.86%.The company's revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 earnings per share. Equities analysts predict that Alcoa will post 4.43 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wedmont Private Capital purchased a new stake in shares of Alcoa during the 3rd quarter valued at $249,000. Heartwood Wealth Advisors LLC bought a new stake in Alcoa in the third quarter worth about $53,000. GAMMA Investing LLC raised its position in Alcoa by 20.4% in the third quarter. GAMMA Investing LLC now owns 3,689 shares of the industrial products company's stock worth $121,000 after acquiring an additional 625 shares during the period. Texas Permanent School Fund Corp grew its position in shares of Alcoa by 46.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 205,817 shares of the industrial products company's stock valued at $6,074,000 after acquiring an additional 65,460 shares during the period. Finally, Osaic Holdings Inc. increased its stake in shares of Alcoa by 22.8% during the 2nd quarter. Osaic Holdings Inc. now owns 29,235 shares of the industrial products company's stock worth $863,000 after purchasing an additional 5,428 shares during the last quarter. Hedge funds and other 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.

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