B. Riley Weighs in on Alcoa Co.’s Q2 2024 Earnings (NYSE:AA)

Alcoa Co. (NYSE:AA) – Stock analysts at B. Riley increased their Q2 2024 earnings estimates for shares of Alcoa in a research note issued on Thursday, April 18th. B. Riley analyst L. Pipes now expects that the industrial products company will post earnings of ($0.15) per share for the quarter, up from their prior forecast of ($0.20). B. Riley has a “Neutral” rating and a $31.00 price objective 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.

Several other research analysts have also recently weighed in on the stock. UBS Group upped their price target on shares of Alcoa from $27.00 to $32.00 and gave the stock a “sell” rating in a report on Friday, April 19th. Morgan Stanley raised shares of Alcoa from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $28.50 to $36.50 in a report on Monday. StockNews.com cut Alcoa from a “hold” rating to a “sell” rating in a research note on Friday, April 19th. Jefferies Financial Group increased their target price on Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Bank of America increased their target price on Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $33.54.

Alcoa Trading Down 0.8 %

Shares of AA stock opened at $36.05 on Monday. The stock has a market capitalization 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 1 year low of $23.07 and a 1 year high of $38.54. The company’s fifty day simple moving average is $31.51 and its two-hundred day simple moving average is $29.22. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.61 and a quick ratio of 0.93.

Alcoa (NYSE:AA) last issued its 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). 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 for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm earned ($0.23) EPS. The company’s revenue was down 2.7% compared to the same quarter last year.

Alcoa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.11%. Alcoa’s dividend payout ratio is currently -10.64%.

Insider Transactions at Alcoa

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

Institutional Trading of Alcoa

Institutional investors have recently modified their holdings of the company. Raymond James & Associates lifted its holdings in Alcoa by 3,731.1% in the fourth quarter. Raymond James & Associates now owns 799,705 shares of the industrial products company’s stock worth $27,190,000 after buying an additional 778,831 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Alcoa by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,234,472 shares of the industrial products company’s stock worth $35,874,000 after buying an additional 54,876 shares during the period. Nordea Investment Management AB lifted its holdings in Alcoa by 132.2% in the fourth quarter. Nordea Investment Management AB now owns 112,082 shares of the industrial products company’s stock worth $3,824,000 after buying an additional 63,816 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in Alcoa in the fourth quarter worth about $227,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in shares of Alcoa by 90.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 61,801 shares of the industrial products company’s stock valued at $1,796,000 after purchasing an additional 29,431 shares in the last quarter. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

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.