Alcoa Co. to Post Q2 2024 Earnings of ($0.15) Per Share, B. Riley Forecasts (NYSE:AA)

Alcoa Co. (NYSE:AA) – Equities researchers at B. Riley boosted their Q2 2024 earnings per share (EPS) estimates for Alcoa in a research report issued to clients and investors on Thursday, April 18th. B. Riley analyst L. Pipes now forecasts that the industrial products company will post earnings per share of ($0.15) for the quarter, up from their previous forecast of ($0.20). B. Riley currently has a “Neutral” rating and a $31.00 target price on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.17 per share. B. Riley also issued estimates for Alcoa’s Q3 2024 earnings at $0.31 EPS, Q4 2024 earnings at $0.37 EPS, FY2024 earnings at ($0.27) EPS and FY2026 earnings at $1.83 EPS.

Other equities analysts also recently issued reports about the stock. Bank of America upped their price target on shares of Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, March 18th. UBS Group raised their price target on Alcoa from $27.00 to $32.00 and gave the stock a “sell” rating in a research note on Friday, April 19th. BMO Capital Markets lifted their price target on Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Morgan Stanley upgraded Alcoa from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $28.50 to $36.50 in a report on Monday. Finally, StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.54.

Alcoa Stock Down 0.8 %

AA stock opened at $36.05 on Monday. The company has a 50 day moving average of $31.51 and a two-hundred day moving average of $29.22. The company has a market cap of $6.47 billion, a price-to-earnings ratio of -9.59, a PEG ratio of 4.28 and a beta of 2.47. Alcoa has a 12-month low of $23.07 and a 12-month high of $38.54. The company has a quick ratio of 0.93, a current ratio of 1.61 and a debt-to-equity ratio of 0.45.

Alcoa (NYSE:AA) last issued its earnings results on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). Alcoa had a negative net margin of 6.41% and a negative return on equity of 8.51%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned ($0.23) EPS. Alcoa’s revenue for the quarter was down 2.7% on a year-over-year basis.

Institutional Trading of Alcoa

A number of institutional investors and hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its stake in Alcoa by 2.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the industrial products company’s stock valued at $1,737,000 after buying an additional 1,300 shares in the last quarter. Amalgamated Bank boosted its stake in Alcoa by 8.0% in the first quarter. Amalgamated Bank now owns 121,732 shares of the industrial products company’s stock worth $4,113,000 after purchasing an additional 9,027 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Alcoa in the first quarter worth $422,000. State of Michigan Retirement System boosted its stake in Alcoa by 2.6% in the first quarter. State of Michigan Retirement System now owns 43,875 shares of the industrial products company’s stock worth $1,483,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Alcoa by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,344 shares of the industrial products company’s stock worth $485,000 after purchasing an additional 1,867 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors.

Insider Activity at Alcoa

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of Alcoa stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total value of $814,685.04. Following the transaction, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at approximately $1,267,089.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.08% of the stock is owned by company insiders.

Alcoa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Tuesday, March 5th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Monday, March 4th. Alcoa’s payout ratio 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.