Jefferies Financial Group Comments on Alcoa Corp’s FY2019 Earnings (NYSE:AA)

Alcoa Corp (NYSE:AA) – Jefferies Financial Group issued their FY2019 earnings per share estimates for shares of Alcoa in a report released on Wednesday, October 16th. Jefferies Financial Group analyst C. Lafemina expects that the industrial products company will post earnings per share of ($0.55) for the year. Jefferies Financial Group has a “Hold” rating and a $23.00 price target on the stock. Jefferies Financial Group also issued estimates for Alcoa’s FY2020 earnings at $1.46 EPS, FY2021 earnings at $2.43 EPS and FY2022 earnings at $2.52 EPS.

A number of other brokerages have also weighed in on AA. Argus reissued a “hold” rating on shares of Alcoa in a report on Friday. JPMorgan Chase & Co. cut their price objective on Alcoa from $44.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Bank of America reissued a “neutral” rating and issued a $20.00 price objective (down from $25.00) on shares of Alcoa in a report on Friday, August 16th. ValuEngine raised Alcoa from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Credit Suisse Group raised Alcoa from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $26.00 to $27.00 in a report on Wednesday, September 11th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Alcoa presently has an average rating of “Buy” and a consensus target price of $28.25.

Shares of AA stock opened at $21.54 on Monday. The stock’s 50-day simple moving average is $20.06 and its 200-day simple moving average is $22.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.81 and a current ratio of 1.48. The firm has a market capitalization of $3.77 billion, a PE ratio of 6.02 and a beta of 1.47. Alcoa has a fifty-two week low of $16.46 and a fifty-two week high of $39.76.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.09). The firm had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.58 billion. Alcoa had a negative net margin of 6.87% and a negative return on equity of 0.03%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share.

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its position in Alcoa by 22.9% during the second quarter. Renaissance Technologies LLC now owns 2,948,496 shares of the industrial products company’s stock worth $69,024,000 after purchasing an additional 549,600 shares in the last quarter. Maverick Capital Ltd. boosted its position in Alcoa by 31.2% during the second quarter. Maverick Capital Ltd. now owns 187,200 shares of the industrial products company’s stock worth $4,382,000 after purchasing an additional 44,490 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Alcoa during the second quarter worth approximately $25,000. Banco Santander S.A. purchased a new position in Alcoa during the second quarter worth approximately $263,000. Finally, First Trust Advisors LP boosted its position in Alcoa by 44.8% during the second quarter. First Trust Advisors LP now owns 203,710 shares of the industrial products company’s stock worth $4,769,000 after purchasing an additional 63,040 shares in the last quarter.

About Alcoa

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

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Earnings History and Estimates for Alcoa (NYSE:AA)

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