Alcoa Co. (NYSE:AA) Forecasted to Post Q1 2023 Earnings of $0.22 Per Share

Alcoa Co. (NYSE:AA – Get Rating) – Equities researchers at Jefferies Financial Group issued their Q1 2023 earnings per share estimates for Alcoa in a note issued to investors on Thursday, January 19th. Jefferies Financial Group analyst C. Lafemina anticipates that the industrial products company will earn $0.22 per share for the quarter. The consensus estimate for Alcoa’s current full-year earnings is $2.45 per share.

Several other research firms have also commented on AA. BMO Capital Markets dropped their target price on Alcoa from $55.00 to $50.00 and set a “market perform” rating for the company in a research note on Thursday. Citigroup upped their target price on Alcoa from $45.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday. UBS Group began coverage on Alcoa in a research note on Thursday, October 6th. They issued a “neutral” rating and a $43.00 target price for the company. TheStreet lowered Alcoa from a “b-” rating to a “c-” rating in a research note on Wednesday, October 19th. Finally, The Goldman Sachs Group dropped their target price on Alcoa from $75.00 to $51.00 and set a “buy” rating for the company in a research note on Thursday, October 13th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Alcoa has an average rating of “Hold” and a consensus target price of $68.00.

Alcoa Stock Up 3.0 %

Shares of NYSE:AA opened at $51.00 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.75 and a debt-to-equity ratio of 0.27. Alcoa has a 52-week low of $33.55 and a 52-week high of $98.09. The stock’s fifty day simple moving average is $47.61 and its 200-day simple moving average is $45.72. The company has a market capitalization of $9.02 billion, a P/E ratio of -60.00, a P/E/G ratio of 1.67 and a beta of 2.41.

Alcoa (NYSE:AA – Get Rating) last issued its quarterly earnings data on Wednesday, January 18th. The industrial products company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.05. Alcoa had a positive return on equity of 13.18% and a negative net margin of 0.82%. The business had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the prior year, the business earned $2.50 earnings per share. The business’s revenue was down 20.3% on a year-over-year basis.

Institutional Investors Weigh In On Alcoa

Several institutional investors and hedge funds have recently modified their holdings of the stock. Moors & Cabot Inc. boosted its position in shares of Alcoa by 2.2% in the first quarter. Moors & Cabot Inc. now owns 8,748 shares of the industrial products company’s stock worth $788,000 after buying an additional 185 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Alcoa by 19.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,232 shares of the industrial products company’s stock worth $56,000 after buying an additional 200 shares during the period. Buckingham Strategic Partners boosted its position in shares of Alcoa by 1.9% in the third quarter. Buckingham Strategic Partners now owns 13,179 shares of the industrial products company’s stock worth $444,000 after buying an additional 240 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Alcoa by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 48,391 shares of the industrial products company’s stock worth $2,206,000 after buying an additional 284 shares during the period. Finally, Securian Asset Management Inc. boosted its position in shares of Alcoa by 1.8% in the second quarter. Securian Asset Management Inc. now owns 16,815 shares of the industrial products company’s stock worth $766,000 after buying an additional 296 shares during the period.

About Alcoa

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.