Aluminum producer Alcoa’s (NYSE:AA) shares jumped Monday after JPMorgan initiated coverage with an overweight rating. The firm’s price target of $54 implies shares rallying more than 49% from Friday’s close.
“Our view rests on a positive aluminum price outlook, given supply constraints and the commodity’s strong secular growth trends, which can help fund shareholder returns and future growth initiatives,” analyst Bill Peterson wrote in a Monday note.”
The aluminum giant was also in the news late last week with word of a quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on June 2, to stockholders of record as of the close of business on May 16,
Alcoa boasts a status as a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.
AA shares began the week ahead $1.31, or 3.6%, to $37.46
