Alcoa Corp (NYSE:AA) shares gapped up prior to trading on Friday after JPMorgan Chase & Co. raised their price target on the stock to $79.00. The stock had previously closed at $39.09, but opened at $38.85. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alcoa shares last traded at $38.17, with a volume of 158315 shares trading hands.

Other research analysts also recently issued research reports about the stock. B. Riley assumed coverage on shares of Alcoa in a research report on Thursday, June 21st. They issued a “neutral” rating and a $47.00 target price for the company. Morgan Stanley decreased their target price on shares of Alcoa from $60.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, July 23rd. BMO Capital Markets decreased their target price on shares of Alcoa from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Thursday, July 19th. ValuEngine downgraded shares of Alcoa from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Finally, Berenberg Bank began coverage on shares of Alcoa in a research report on Friday, September 21st. They issued a “buy” rating and a $54.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. Alcoa presently has an average rating of “Buy” and an average price target of $61.67.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Alcoa by 5.1% in the 2nd quarter. BlackRock Inc. now owns 9,057,264 shares of the industrial products company’s stock valued at $424,605,000 after acquiring an additional 437,832 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Alcoa by 14.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,479,257 shares of the industrial products company’s stock valued at $163,101,000 after acquiring an additional 437,117 shares during the period. Renaissance Technologies LLC grew its position in shares of Alcoa by 14.7% in the 2nd quarter. Renaissance Technologies LLC now owns 2,086,096 shares of the industrial products company’s stock valued at $97,796,000 after acquiring an additional 267,900 shares during the period. Northern Trust Corp grew its position in shares of Alcoa by 12.1% in the 2nd quarter. Northern Trust Corp now owns 1,600,561 shares of the industrial products company’s stock valued at $75,034,000 after acquiring an additional 173,323 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Alcoa by 14.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,300,009 shares of the industrial products company’s stock worth $60,945,000 after buying an additional 165,692 shares during the period.

The firm has a market capitalization of $6.84 billion, a P/E ratio of 12.82, a PEG ratio of 2.84 and a beta of -0.10. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 0.27.

Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 17th. The industrial products company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.36 by $0.27. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.35 billion. Alcoa had a negative net margin of 0.09% and a positive return on equity of 10.43%. Alcoa’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. Equities analysts predict that Alcoa Corp will post 3.68 earnings per share for the current year.

Alcoa announced that its Board of Directors has approved a stock repurchase program on Wednesday, October 17th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

About Alcoa (NYSE:AA)

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.

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