Alcoa (NYSE:AA) Given New $40.00 Price Target at JPMorgan Chase & Co.

Alcoa (NYSE:AA) had its price target upped by JPMorgan Chase & Co. from $38.00 to $40.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Several other equities analysts also recently weighed in on AA. Bank of America boosted their target price on Alcoa to $58.00 and gave the company a “buy” rating in a research report on Thursday, November 28th. BMO Capital Markets boosted their price objective on shares of Alcoa from $42.00 to $45.00 and gave the company a “market perform” rating in a research report on Thursday, October 17th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 23rd. Finally, B. Riley raised shares of Alcoa from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $41.00 to $50.00 in a research report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Alcoa Stock Performance

Shares of NYSE:AA opened at $38.96 on Thursday. The firm has a fifty day simple moving average of $40.81 and a two-hundred day simple moving average of $37.79. Alcoa has a 52 week low of $24.86 and a 52 week high of $47.77. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $10.07 billion, a P/E ratio of -22.14, a PEG ratio of 0.16 and a beta of 2.47.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.34. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.14) earnings per share. On average, analysts expect that Alcoa will post 0.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares in the company, valued at $2,423,935.93. This trade represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Alcoa

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. bought a new position in Alcoa during the 2nd quarter worth about $27,000. UMB Bank n.a. grew its stake in Alcoa by 481.7% in the third quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 631 shares during the last quarter. Quarry LP bought a new position in Alcoa in the third quarter worth about $43,000. Continuum Advisory LLC lifted its position in shares of Alcoa by 1,945.5% during the third quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after buying an additional 1,070 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Alcoa by 399.0% during the fourth quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 1,157 shares during the last quarter.

Alcoa Company Profile

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.