Q3 2024 Earnings Estimate for Alcoa Co. (NYSE:AA) Issued By B. Riley

Alcoa Co. (NYSE:AA - Free Report) - Research analysts at B. Riley issued their Q3 2024 EPS estimates for shares of Alcoa in a report released on Tuesday, September 24th. B. Riley analyst L. Pipes expects that the industrial products company will post earnings of $0.24 per share for the quarter. B. Riley has a "Neutral" rating and a $41.00 price objective on the stock. The consensus estimate for Alcoa's current full-year earnings is $0.56 per share. B. Riley also issued estimates for Alcoa's Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $0.03 EPS and FY2026 earnings at $2.49 EPS.

Other research analysts also recently issued reports about the stock. StockNews.com downgraded shares of Alcoa from a "hold" rating to a "sell" rating in a research note on Friday, September 20th. Bank of America dropped their price target on shares of Alcoa from $46.00 to $43.00 and set a "neutral" rating on the stock in a research note on Thursday, July 18th. Wolfe Research upgraded Alcoa from a "peer perform" rating to an "outperform" rating and set a $36.00 price target for the company in a research note on Wednesday, September 4th. UBS Group lifted their target price on shares of Alcoa from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. started coverage on shares of Alcoa in a research report on Wednesday. They issued a "neutral" rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Alcoa has an average rating of "Hold" and a consensus target price of $40.82.

Alcoa Price Performance

AA stock traded down $0.02 during mid-day trading on Friday, hitting $39.26. 5,629,108 shares of the stock were exchanged, compared to its average volume of 6,060,270. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of -10.44 and a beta of 2.42. Alcoa has a 12 month low of $23.07 and a 12 month high of $45.48. The business has a fifty day moving average price of $32.51 and a 200 day moving average price of $35.93. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.55 and a quick ratio of 0.92.

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

Institutional Trading of Alcoa

A number of large investors have recently modified their holdings of AA. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Alcoa during the 2nd quarter worth $296,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Alcoa in the 2nd quarter valued at about $27,000. Sanctuary Advisors LLC acquired a new stake in shares of Alcoa in the 2nd quarter valued at about $304,000. Senator Investment Group LP purchased a new position in Alcoa during the 2nd quarter worth approximately $8,610,000. Finally, William B. Walkup & Associates Inc. purchased a new stake in Alcoa in the second quarter valued at approximately $102,000. Hedge funds and other institutional investors own 82.39% of the company's stock.

Alcoa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Monday, August 12th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Monday, August 12th. Alcoa's dividend payout ratio (DPR) is -10.64%.

About Alcoa

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.