Alcoa (NYSE:AA) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Alcoa (NYSE:AA) in a research report report published on Wednesday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $36.00 price target on the industrial products company’s stock.

Several other analysts also recently issued reports on the company. StockNews.com downgraded Alcoa from a hold rating to a sell rating in a research note on Friday, September 20th. B. Riley Financial reiterated a neutral rating and set a $41.00 price target on shares of Alcoa in a report on Tuesday, September 17th. Morgan Stanley reduced their price objective on shares of Alcoa from $50.00 to $48.00 and set an overweight rating for the company in a research note on Monday, July 22nd. Wolfe Research upgraded shares of Alcoa from a peer perform rating to an outperform rating and set a $36.00 target price on the stock in a research note on Wednesday, September 4th. Finally, Bank of America cut their target price on shares of Alcoa from $46.00 to $43.00 and set a neutral rating for the company in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $40.82.

Alcoa Trading Down 0.1 %

Shares of NYSE AA opened at $39.26 on Wednesday. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of -10.44 and a beta of 2.42. The business has a 50 day simple moving average of $32.51 and a 200 day simple moving average of $35.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.55. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48.

Alcoa (NYSE:AA) last announced its quarterly earnings results on Wednesday, July 17th. The industrial products company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. Alcoa had a negative net margin of 5.14% and a negative return on equity of 7.29%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter in the prior year, the business posted ($0.35) EPS. Alcoa’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts predict that Alcoa will post 0.56 earnings per share for the current fiscal year.

Alcoa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. Alcoa’s dividend payout ratio (DPR) is currently -10.64%.

Institutional Investors Weigh In On Alcoa

Hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new stake in Alcoa during the 2nd quarter worth about $27,000. Scarborough Advisors LLC bought a new position in Alcoa in the fourth quarter valued at approximately $39,000. Quest Partners LLC acquired a new stake in Alcoa during the 4th quarter worth $40,000. Toronto Dominion Bank raised its position in shares of Alcoa by 1,501.9% during the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,592 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Alcoa by 15.1% in the 2nd quarter. Fifth Third Bancorp now owns 2,353 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 309 shares during the period. 82.39% of the stock is owned by institutional investors and hedge funds.

About Alcoa

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.