Equities Analysts Set Expectations for Alcoa FY2024 Earnings

Alcoa Co. (NYSE:AA - Free Report) - Equities research analysts at B. Riley cut their FY2024 EPS estimates for Alcoa in a research report issued to clients and investors on Tuesday, November 19th. B. Riley analyst L. Pipes now forecasts that the industrial products company will post earnings of $0.64 per share for the year, down from their prior estimate of $0.65. B. Riley currently has a "Buy" rating and a $50.00 target price on the stock. The consensus estimate for Alcoa's current full-year earnings is $0.89 per share. B. Riley also issued estimates for Alcoa's Q4 2024 earnings at $0.71 EPS and FY2025 earnings at $2.82 EPS.

Alcoa (NYSE:AA - Get Free Report) last released its earnings results 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. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same period in the prior year, the company posted ($1.14) EPS. The company's revenue was up 11.6% compared to the same quarter last year.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Alcoa from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. BMO Capital Markets upped their target price on Alcoa from $42.00 to $45.00 and gave the stock a "market perform" rating in a research note on Thursday, October 17th. B. Riley Financial reiterated a "neutral" rating and issued a $41.00 price target on shares of Alcoa in a research note on Tuesday, September 17th. Morgan Stanley upped their price objective on Alcoa from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Finally, Argus upgraded Alcoa from a "hold" rating to a "buy" rating and set a $48.00 target price on the stock in a research report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.75.

Alcoa Trading Up 0.3 %

AA opened at $45.74 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. Alcoa has a twelve month low of $23.80 and a twelve month high of $46.55. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of -25.99, a P/E/G ratio of 0.84 and a beta of 2.42. The company has a 50-day simple moving average of $39.91 and a 200 day simple moving average of $37.82.

Institutional Investors Weigh In On Alcoa

Several large investors have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co boosted its position in shares of Alcoa by 0.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 105,839 shares of the industrial products company's stock valued at $3,571,000 after purchasing an additional 737 shares in the last quarter. Natixis grew its position in shares of Alcoa by 55.9% during the 1st quarter. Natixis now owns 12,852 shares of the industrial products company's stock worth $434,000 after buying an additional 4,610 shares during the period. Toronto Dominion Bank increased its stake in shares of Alcoa by 1,501.9% in the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company's stock valued at $57,000 after acquiring an additional 1,592 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Alcoa by 29.8% during the 1st quarter. Capital Research Global Investors now owns 2,067,742 shares of the industrial products company's stock valued at $69,869,000 after acquiring an additional 475,000 shares during the period. Finally, Cloverfields Capital Group LP boosted its stake in Alcoa by 27.6% during the first quarter. Cloverfields Capital Group LP now owns 32,449 shares of the industrial products company's stock worth $1,096,000 after acquiring an additional 7,017 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors and hedge funds.

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 that occurred on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the completion of the transaction, the executive vice president now owns 57,317 shares in the company, valued at approximately $2,423,935.93. This trade represents a 29.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.08% of the company's stock.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.87%. The ex-dividend date was Tuesday, October 29th. Alcoa's payout ratio is presently -22.73%.

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.

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