Alcoa’s (AA) “Overweight” Rating Reaffirmed at JPMorgan Chase & Co.

Alcoa (NYSE:AA)‘s stock had its “overweight” rating reiterated by stock analysts at JPMorgan Chase & Co. in a research note issued on Friday, The Fly reports. They currently have a $57.00 price objective on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 96.69% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets set a $45.00 price objective on Alcoa and gave the stock a “buy” rating in a report on Thursday, December 20th. B. Riley reiterated a “buy” rating and issued a $49.00 price objective (down from $50.00) on shares of Alcoa in a report on Thursday, December 20th. Berenberg Bank started coverage on Alcoa in a report on Friday, September 21st. They issued a “buy” rating and a $54.00 price objective on the stock. Zacks Investment Research cut Alcoa from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 4th. Finally, ValuEngine upgraded Alcoa from a “sell” rating to a “hold” rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Alcoa currently has an average rating of “Buy” and an average target price of $56.00.

NYSE:AA opened at $28.98 on Friday. Alcoa has a 52 week low of $25.01 and a 52 week high of $62.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.84 and a current ratio of 1.40. The stock has a market cap of $5.43 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 2.35 and a beta of 1.09.



Alcoa (NYSE:AA) last posted its earnings results on Wednesday, October 17th. The industrial products company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.27. Alcoa had a positive return on equity of 10.38% and a negative net margin of 0.09%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the firm earned $0.72 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, analysts expect that Alcoa will post 3.47 EPS for the current fiscal year.

Alcoa declared that its Board of Directors has authorized a stock buyback program on Wednesday, October 17th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Several institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of Alcoa by 16.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 37,474 shares of the industrial products company’s stock valued at $1,757,000 after buying an additional 5,159 shares during the period. Korea Investment CORP purchased a new stake in shares of Alcoa during the 2nd quarter valued at approximately $328,000. OppenheimerFunds Inc. raised its position in shares of Alcoa by 197.8% during the 2nd quarter. OppenheimerFunds Inc. now owns 725,689 shares of the industrial products company’s stock valued at $34,020,000 after buying an additional 481,971 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Alcoa during the 2nd quarter valued at approximately $2,344,000. Finally, Vident Investment Advisory LLC raised its position in shares of Alcoa by 5.3% during the 2nd quarter. Vident Investment Advisory LLC now owns 74,559 shares of the industrial products company’s stock valued at $3,495,000 after buying an additional 3,722 shares during the period.

Alcoa Company Profile

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.

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