Alcoa (NYSE:AA) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. began coverage on shares of Alcoa (NYSE:AA) in a research report issued on Wednesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $36.00 price target on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 8.33% from the company’s current price.

Other analysts also recently issued research reports about the company. UBS Group upped their target price on Alcoa from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. B. Riley Financial reiterated a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research note on Tuesday, September 17th. Morgan Stanley dropped their price objective on Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a research report on Friday, September 20th. Finally, Wolfe Research raised shares of Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 price target for the company in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $40.82.

Alcoa Stock Performance

Shares of Alcoa stock opened at $39.27 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 1.55 and a debt-to-equity ratio of 0.46. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48. The firm has a market capitalization of $7.05 billion, a P/E ratio of -10.44 and a beta of 2.42. The company has a 50 day moving average price of $32.42 and a 200 day moving average price of $35.87.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. Sell-side analysts expect that Alcoa will post 0.56 EPS for the current year.

Institutional Trading of Alcoa

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Alcoa by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company’s stock worth $265,132,000 after acquiring an additional 390,930 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in shares of Alcoa during the second quarter worth $93,061,000. L1 Capital Pty Ltd acquired a new position in Alcoa in the 1st quarter valued at about $72,658,000. Capital Research Global Investors increased its stake in Alcoa by 29.8% during the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company’s stock worth $69,869,000 after purchasing an additional 475,000 shares during the period. Finally, ARGA Investment Management LP boosted its stake in shares of Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock valued at $50,399,000 after purchasing an additional 997,912 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.

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.