Alcoa (NYSE:AA) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Alcoa (NYSE:AA) had its target price lowered by JPMorgan Chase & Co. from $52.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

Several other equities analysts have also commented on the stock. UBS Group cut their price target on shares of Alcoa from $80.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Alcoa in a report on Monday, September 14th. Wells Fargo & Company lowered their price objective on shares of Alcoa from $71.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Wall Street Zen upgraded Alcoa from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Finally, Argus cut their target price on Alcoa from $73.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $61.00.

Alcoa Stock Down 1.3%

Shares of NYSE:AA opened at $42.27 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The firm has a market cap of $11.15 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 0.47 and a beta of 1.74. The stock’s 50-day moving average price is $47.57 and its two-hundred day moving average price is $56.62. Alcoa has a 12-month low of $35.01 and a 12-month high of $84.38.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Thursday, July 16th. The industrial products company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.13). Alcoa had a return on equity of 18.90% and a net margin of 9.48%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.99 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. On average, research analysts forecast that Alcoa will post 6.76 EPS for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 11th. Alcoa’s dividend payout ratio is 8.23%.

Insider Activity at Alcoa

In related news, EVP Tammi Jones sold 15,628 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $50.60, for a total value of $790,776.80. Following the transaction, the executive vice president owned 39,819 shares in the company, valued at approximately $2,014,841.40. This trade represents a 28.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Renato Bacchi sold 700 shares of Alcoa stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $51.02, for a total transaction of $35,714.00. Following the transaction, the executive vice president directly owned 74,930 shares in the company, valued at approximately $3,822,928.60. This trade represents a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Alcoa

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Alcoa in the 2nd quarter valued at $1,528,523,000. Castle Hook Partners LP purchased a new position in Alcoa in the fourth quarter valued at about $210,874,000. Bank of New York Mellon Corp acquired a new position in shares of Alcoa during the second quarter worth about $166,194,000. Amundi lifted its stake in shares of Alcoa by 47.8% during the first quarter. Amundi now owns 2,009,013 shares of the industrial products company’s stock worth $133,258,000 after purchasing an additional 649,693 shares in the last quarter. Finally, Temasek Holdings Private Ltd lifted its stake in shares of Alcoa by 21.1% during the first quarter. Temasek Holdings Private Ltd now owns 1,300,647 shares of the industrial products company’s stock worth $86,272,000 after purchasing an additional 226,253 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

Alcoa Corporation (NYSE:AA) is a global producer of aluminum and an integrated participant in the aluminum industry. Its operations span the value chain from bauxite mining and alumina refining to aluminum smelting, casting and recycling.

The company supplies aluminum products used in transportation, building and construction, packaging, aerospace, automotive, electrical and other industrial applications. Its portfolio includes primary aluminum, alumina, aluminum billets and other cast products, as well as low-carbon and recycled aluminum offerings.

Alcoa traces its origins to the Pittsburgh Reduction Company, founded in 1888, and has helped develop the modern aluminum industry.