JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Alcoa (NYSE:AA) Stock

Alcoa (NYSE:AA - Free Report) had its price objective upped by JPMorgan Chase & Co. from $38.00 to $40.00 in a research report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company's stock.

Other equities analysts have also issued research reports about the company. UBS Group lifted their price target on Alcoa from $40.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Jefferies Financial Group cut their price target on Alcoa from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Morgan Stanley lifted their price target on Alcoa from $48.00 to $49.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. Argus upgraded Alcoa from a "hold" rating to a "buy" rating and set a $48.00 price target for the company in a research note on Wednesday, October 23rd. Finally, Bank of America lifted their price target on Alcoa to $58.00 and gave the company a "buy" rating in a research note on Thursday, November 28th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.55.

Alcoa Stock Performance

Shares of NYSE AA traded up $0.77 during trading on Thursday, reaching $38.96. 4,880,998 shares of the company traded hands, compared to its average volume of 4,388,763. The firm's fifty day simple moving average is $40.94 and its 200 day simple moving average is $37.78. The stock has a market cap of $10.07 billion, a P/E ratio of -22.14, a PEG ratio of 0.16 and a beta of 2.47. Alcoa has a 12-month low of $24.86 and a 12-month high of $47.77. The company has a current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47.

Alcoa (NYSE:AA - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.34. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted ($1.14) EPS. As a group, research analysts anticipate that Alcoa will post 0.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Renato Bacchi sold 23,867 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the completion of the sale, the executive vice president now owns 57,317 shares of the company's stock, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Alcoa

Several institutional investors and hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of Alcoa during the 2nd quarter worth approximately $27,000. UMB Bank n.a. increased its holdings in shares of Alcoa by 481.7% during the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company's stock worth $29,000 after buying an additional 631 shares during the last quarter. Quarry LP acquired a new stake in shares of Alcoa during the 3rd quarter worth approximately $43,000. Continuum Advisory LLC increased its holdings in shares of Alcoa by 1,945.5% during the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company's stock worth $46,000 after buying an additional 1,070 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Alcoa by 399.0% during the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company's stock worth $55,000 after buying 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.