JPMorgan Chase & Co. Trims Alcoa (NYSE:AA) Target Price to $28.00

Alcoa (NYSE:AA) had its price objective reduced by JPMorgan Chase & Co. from $35.00 to $28.00 in a research report sent to investors on Friday, Marketbeat Ratings reports. They currently have a neutral rating on the industrial products company’s stock.

Several other brokerages have also issued reports on AA. B. Riley Financial cut their price target on Alcoa from $37.00 to $34.00 and set a neutral rating on the stock in a report on Friday, July 21st. B. Riley reduced their price target on shares of Alcoa from $37.00 to $34.00 and set a neutral rating for the company in a research report on Friday, July 21st. Wolfe Research downgraded shares of Alcoa from a market perform rating to an underperform rating and set a $25.00 price objective on the stock. in a report on Tuesday, July 11th. Credit Suisse Group reduced their price objective on shares of Alcoa from $46.00 to $42.00 and set an outperform rating for the company in a report on Thursday, July 20th. Finally, Argus downgraded shares of Alcoa from a buy rating to a hold rating in a research report on Monday, July 24th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $38.09.

Alcoa Stock Performance

Shares of AA stock opened at $28.86 on Friday. The firm has a 50 day moving average of $31.76 and a 200-day moving average of $35.72. The company has a market cap of $5.15 billion, a price-to-earnings ratio of -3.54 and a beta of 2.46. The company has a quick ratio of 0.87, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Alcoa has a 52 week low of $27.76 and a 52 week high of $57.61.

Alcoa (NYSE:AA) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.24. Alcoa had a negative net margin of 13.37% and a negative return on equity of 4.36%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.68 billion. During the same period last year, the company posted $2.67 earnings per share. The business’s quarterly revenue was down 26.3% on a year-over-year basis. On average, equities analysts forecast that Alcoa will post -1.4 earnings per share for the current year.

Alcoa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Tuesday, August 8th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.39%. The ex-dividend date was Monday, August 7th. Alcoa’s dividend payout ratio is presently -4.90%.

Institutional Trading of Alcoa

A number of hedge funds have recently bought and sold shares of the business. Fairfield Bush & CO. purchased a new position in Alcoa in the first quarter valued at about $29,000. Neo Ivy Capital Management bought a new stake in shares of Alcoa in the second quarter valued at $27,000. Resurgent Financial Advisors LLC bought a new stake in shares of Alcoa in the fourth quarter valued at $32,000. ICA Group Wealth Management LLC purchased a new position in shares of Alcoa during the 4th quarter valued at $36,000. Finally, Belpointe Asset Management LLC bought a new position in shares of Alcoa during the 4th quarter worth $39,000.

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 three segments: Bauxite, 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.