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

Alcoa Co. (NYSE:AA) – B. Riley boosted their Q2 2024 earnings per share (EPS) estimates for Alcoa in a research note issued on Thursday, April 18th. B. Riley analyst L. Pipes now forecasts that the industrial products company will post earnings of ($0.15) per share for the quarter, up from their prior estimate 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.

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

AA has been the subject of a number of other research reports. UBS Group boosted their price objective on Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a research note on Friday. Jefferies Financial Group boosted their price objective on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley upgraded Alcoa from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $28.50 to $36.50 in a research note on Monday. BMO Capital Markets upped their price target on Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.54.

Alcoa Stock Performance

Shares of AA opened at $36.35 on Monday. 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 has a 52-week low of $23.07 and a 52-week high of $38.54. The stock has a 50 day moving average price of $31.31 and a 200 day moving average price of $29.16. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of -9.67, a price-to-earnings-growth ratio of 4.28 and a beta of 2.47.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.10%. The ex-dividend date was Monday, March 4th. Alcoa’s dividend payout ratio (DPR) is -10.64%.

Insider Buying and Selling at Alcoa

In related news, EVP Tammi A. Jones sold 26,468 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $30.78, for a total transaction of $814,685.04. Following the sale, the executive vice president now owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Trading of Alcoa

A number of large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new stake in Alcoa in the 3rd quarter worth about $39,557,000. Norges Bank purchased a new position in shares of Alcoa in the 4th quarter worth about $45,730,000. Dimensional Fund Advisors LP raised its holdings in shares of Alcoa by 34.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after purchasing an additional 1,104,423 shares during the period. ARGA Investment Management LP raised its holdings in shares of Alcoa by 202.2% in the 1st quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after purchasing an additional 997,912 shares during the period. Finally, Raymond James & Associates raised its holdings in shares of Alcoa by 3,731.1% in the 4th quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock worth $27,190,000 after purchasing an additional 778,831 shares during the period.

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.