Research Analysts Set Expectations for Alcoa Co.’s Q2 2024 Earnings (NYSE:AA)

Alcoa Co. (NYSE:AA) – Research analysts at B. Riley upped their Q2 2024 EPS estimates for shares of Alcoa in a note issued to investors 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 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 analysts have also recently issued reports about the stock. StockNews.com cut shares of Alcoa from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Financial Group upped their price target on shares of Alcoa from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Alcoa from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. 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 report on Monday, March 18th. Finally, BMO Capital Markets upped their price target on shares of Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $32.96.

Alcoa Stock Up 0.2 %

Shares of NYSE AA opened at $35.53 on Monday. Alcoa has a 52-week low of $23.07 and a 52-week high of $42.23. The firm has a fifty day moving average of $31.14 and a 200-day moving average of $29.09. The stock has a market capitalization of $6.38 billion, a PE ratio of -9.45, a P/E/G ratio of 2.41 and a beta of 2.47. The company has a quick ratio of 0.74, a current ratio of 1.61 and a debt-to-equity ratio of 0.45.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the firm earned ($0.23) earnings per share. The firm’s quarterly revenue was down 2.7% on a year-over-year basis.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.13%. Alcoa’s dividend payout ratio is currently -10.64%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Alcoa

A number of institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of Alcoa by 3.4% in the 1st quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock valued at $352,119,000 after purchasing an additional 271,387 shares in the last quarter. Morgan Stanley raised its stake in shares of Alcoa by 24.9% in the 3rd quarter. Morgan Stanley now owns 5,941,667 shares of the industrial products company’s stock valued at $172,665,000 after purchasing an additional 1,185,323 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Alcoa by 4,737.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock valued at $208,174,000 after purchasing an additional 4,483,625 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Alcoa by 34.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,312,340 shares of the industrial products company’s stock worth $146,626,000 after acquiring an additional 1,104,423 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Alcoa in the first quarter worth about $318,670,000.

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.