JPMorgan Chase & Co. Boosts Alcoa (AA) Price Target to $71.00

Alcoa (NYSE:AA) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $68.00 to $71.00 in a research note issued to investors on Monday. The brokerage presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 46.51% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Macquarie reissued a “buy” rating and set a $62.00 price target (up from $55.00) on shares of Alcoa in a report on Tuesday, October 10th. Citigroup boosted their target price on shares of Alcoa to $65.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. BMO Capital Markets reaffirmed a “buy” rating and issued a $65.00 target price on shares of Alcoa in a research note on Friday, December 22nd. Bank of America reaffirmed a “buy” rating and issued a $63.00 target price (down from $67.00) on shares of Alcoa in a research note on Thursday, January 18th. Finally, Morgan Stanley set a $55.00 target price on shares of Alcoa and gave the stock a “buy” rating in a research note on Tuesday, December 19th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $57.72.

Shares of Alcoa (AA) traded down $0.63 during mid-day trading on Monday, reaching $48.46. 3,862,405 shares of the company traded hands, compared to its average volume of 4,829,521. Alcoa has a 12-month low of $29.55 and a 12-month high of $57.50. The company has a market cap of $9,200.00 and a P/E ratio of 41.78. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.17.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, January 17th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.19). Alcoa had a net margin of 1.86% and a return on equity of 6.90%. The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.29 billion. During the same period in the prior year, the business earned $0.14 earnings per share. The company’s revenue for the quarter was up 25.1% on a year-over-year basis. equities research analysts predict that Alcoa will post 3.64 earnings per share for the current year.

In other news, VP William F. Oplinger sold 229,475 shares of Alcoa stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $52.86, for a total transaction of $12,130,048.50. Following the completion of the sale, the vice president now owns 108,915 shares in the company, valued at approximately $5,757,246.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Tomas Mar Sigurdsson sold 10,000 shares of Alcoa stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $51.37, for a total transaction of $513,700.00. Following the sale, the chief operating officer now owns 46,832 shares of the company’s stock, valued at approximately $2,405,759.84. The disclosure for this sale can be found here.

Large investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC grew its position in shares of Alcoa by 13.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 418,466 shares of the industrial products company’s stock worth $13,663,000 after buying an additional 49,441 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Alcoa by 1.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 220,201 shares of the industrial products company’s stock worth $10,266,000 after buying an additional 2,790 shares during the period. Cipher Capital LP acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $646,000. Rhumbline Advisers grew its position in shares of Alcoa by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 175,883 shares of the industrial products company’s stock worth $8,200,000 after buying an additional 3,044 shares during the period. Finally, State Street Corp grew its position in shares of Alcoa by 4.5% during the 2nd quarter. State Street Corp now owns 3,506,524 shares of the industrial products company’s stock worth $114,483,000 after buying an additional 151,562 shares during the period.

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Alcoa Company Profile

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.

Analyst Recommendations for Alcoa (NYSE:AA)

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