Alcoa (NYSE:AA) Price Target Raised to $35.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised Alcoa's price target from $34.00 to $35.00, maintaining a "neutral" rating, reflecting a potential downside from the last close of 14.76%.
• Alcoa's recent earnings results showed a loss of ($0.02) per share, beating expectations, with quarterly revenue of $3 billion, an increase of 3.1% year-over-year.
• Multiple analysts have divergent views on Alcoa; Citigroup upgraded it to a "buy" with a $42.00 target, while Bank of America set a lower target of $27.00 with an "underperform" rating.

Alcoa (NYSE:AA - Get Free Report) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $34.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 14.76% from the company's previous close.

Several other equities research analysts have also weighed in on the company. Citigroup upgraded Alcoa to a "buy" rating and set a $42.00 target price for the company in a report on Tuesday, July 8th. Bank of America upped their price target on Alcoa from $26.00 to $27.00 and gave the company an "underperform" rating in a research note on Thursday, July 17th. Morgan Stanley lifted their price objective on shares of Alcoa from $38.00 to $42.50 and gave the stock an "overweight" rating in a research note on Wednesday, October 8th. Wells Fargo & Company assumed coverage on shares of Alcoa in a report on Tuesday, October 7th. They set an "overweight" rating and a $40.00 target price for the company. Finally, B. Riley boosted their price target on Alcoa from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $42.04.

Alcoa Stock Up 15.2%

Shares of AA stock traded up $5.41 during trading hours on Thursday, hitting $41.06. 10,432,348 shares of the company were exchanged, compared to its average volume of 6,104,600. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.65. Alcoa has a one year low of $21.53 and a one year high of $47.77. The business's 50-day simple moving average is $33.12 and its two-hundred day simple moving average is $29.78. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 0.24 and a beta of 2.20.

Alcoa (NYSE:AA - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The industrial products company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.13. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.03 billion. Alcoa had a return on equity of 19.18% and a net margin of 7.86%.The firm's revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. Sell-side analysts predict that Alcoa will post 4.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Alcoa

Large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its stake in Alcoa by 1,096.0% in the 2nd quarter. IFP Advisors Inc now owns 897 shares of the industrial products company's stock worth $26,000 after purchasing an additional 822 shares in the last quarter. Horrell Capital Management Inc. purchased a new position in shares of Alcoa during the 2nd quarter worth approximately $30,000. Montag A & Associates Inc. bought a new stake in Alcoa during the first quarter worth about $40,000. Heartwood Wealth Advisors LLC bought a new position in shares of Alcoa in the third quarter worth approximately $53,000. Finally, Quarry LP bought a new stake in Alcoa in the 1st quarter worth about $57,000.

Alcoa Company Profile

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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