Alcoa (NYSE:AA) Receives New Coverage from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Alcoa (NYSE:AA - Free Report) in a research report released on Wednesday morning, MarketBeat reports. The firm issued a neutral rating and a $36.00 target price on the industrial products company's stock.

A number of other research firms have also recently issued reports on AA. B. Riley Financial restated a neutral rating and issued a $41.00 price objective on shares of Alcoa in a research report on Tuesday, September 17th. Morgan Stanley decreased their price objective on shares of Alcoa from $50.00 to $48.00 and set an overweight rating for the company in a report on Monday, July 22nd. B. Riley lifted their price objective on Alcoa from $37.00 to $41.00 and gave the company a neutral rating in a research report on Tuesday, September 17th. Wolfe Research raised Alcoa from a peer perform rating to an outperform rating and set a $36.00 target price for the company in a research report on Wednesday, September 4th. Finally, Bank of America dropped their price target on Alcoa from $46.00 to $43.00 and set a neutral rating on the stock in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $40.82.

Alcoa Trading Down 2.1 %

Shares of AA traded down $0.77 during mid-day trading on Wednesday, reaching $36.01. The company's stock had a trading volume of 5,279,728 shares, compared to its average volume of 6,035,305. Alcoa has a 52 week low of $23.07 and a 52 week high of $45.48. The stock has a market cap of $9.30 billion, a PE ratio of -9.58 and a beta of 2.42. The company's fifty day moving average price is $32.37 and its two-hundred day moving average price is $35.85. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.

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

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa's payout ratio is -10.64%.

Institutional Trading of Alcoa

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in Alcoa by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 6,665,106 shares of the industrial products company's stock worth $265,132,000 after acquiring an additional 390,930 shares during the period. ANTIPODES PARTNERS Ltd purchased a new position in shares of Alcoa during the 2nd quarter valued at approximately $93,061,000. L1 Capital Pty Ltd acquired a new position in shares of Alcoa in the 1st quarter valued at $72,658,000. Capital Research Global Investors boosted its holdings in Alcoa by 29.8% during the first quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock worth $69,869,000 after buying an additional 475,000 shares in the last quarter. Finally, ARGA Investment Management LP increased its holdings in Alcoa by 202.2% in the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company's stock valued at $50,399,000 after buying an additional 997,912 shares in 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.