JPMorgan Chase & Co. Lowers Alcoa (NYSE:AA) Price Target to $26.00

Alcoa (NYSE:AA) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $44.00 to $26.00 in a research note issued on Thursday, AnalystRatings.com reports. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 34.85% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. ValuEngine upgraded Alcoa from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Credit Suisse Group upgraded Alcoa from a “neutral” rating to an “outperform” rating and increased their target price for the company from $26.00 to $27.00 in a report on Wednesday, September 11th. Jefferies Financial Group cut Alcoa from a “buy” rating to a “hold” rating and lowered their target price for the company from $29.00 to $23.00 in a report on Thursday, July 18th. Deutsche Bank cut Alcoa from a “buy” rating to a “hold” rating and lowered their target price for the company from $35.00 to $23.00 in a report on Thursday, July 11th. Finally, Goldman Sachs Group upgraded Alcoa from a “neutral” rating to a “buy” rating in a report on Monday, September 23rd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.33.

AA opened at $19.28 on Thursday. The stock has a market cap of $3.42 billion, a P/E ratio of 17.53 and a beta of 1.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.51 and a quick ratio of 0.81. The stock’s 50 day simple moving average is $19.73 and its 200 day simple moving average is $22.79. Alcoa has a 1-year low of $16.46 and a 1-year high of $40.68.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, July 17th. The industrial products company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.33. The business had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.77 billion. Alcoa had a positive return on equity of 2.78% and a negative net margin of 4.92%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.52 EPS. Research analysts expect that Alcoa will post -0.41 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Alcoa by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 17,218,938 shares of the industrial products company’s stock valued at $403,094,000 after buying an additional 296,059 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Alcoa by 22.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after purchasing an additional 549,600 shares during the period. Northern Trust Corp lifted its stake in shares of Alcoa by 6.0% during the 2nd quarter. Northern Trust Corp now owns 1,694,318 shares of the industrial products company’s stock worth $39,664,000 after purchasing an additional 95,637 shares during the period. Morgan Stanley lifted its stake in shares of Alcoa by 58.9% during the 2nd quarter. Morgan Stanley now owns 1,409,160 shares of the industrial products company’s stock worth $32,989,000 after purchasing an additional 522,612 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Alcoa by 1.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,103,226 shares of the industrial products company’s stock worth $25,827,000 after purchasing an additional 16,484 shares during the period.

Alcoa Company Profile

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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Analyst Recommendations for Alcoa (NYSE:AA)

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