Alcoa Co. (NYSE:AA) to Post Q3 2024 Earnings of $0.24 Per Share, B. Riley Forecasts

Alcoa Co. (NYSE:AA) – Equities researchers at B. Riley issued their Q3 2024 earnings per share (EPS) estimates for Alcoa in a research report issued to clients and investors on Tuesday, September 24th. B. Riley analyst L. Pipes forecasts that the industrial products company will post earnings per share of $0.24 for the quarter. B. Riley currently has a “Neutral” rating and a $41.00 target price on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.56 per share. B. Riley also issued estimates for Alcoa’s Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $0.03 EPS and FY2026 earnings at $2.49 EPS.

Several other brokerages have also issued reports on AA. Morgan Stanley cut their price objective on Alcoa from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. StockNews.com lowered Alcoa from a “hold” rating to a “sell” rating in a report on Friday, September 20th. B. Riley Financial reiterated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a report on Tuesday, September 17th. JPMorgan Chase & Co. assumed coverage on Alcoa in a report on Wednesday. They set a “neutral” rating and a $36.00 target price on the stock. Finally, UBS Group raised their target price on Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Alcoa has a consensus rating of “Hold” and a consensus target price of $40.82.

Alcoa Price Performance

Shares of NYSE:AA opened at $39.27 on Friday. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. Alcoa has a 1 year low of $23.07 and a 1 year high of $45.48. The business has a fifty day simple moving average of $32.51 and a 200 day simple moving average of $35.97. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of -10.44 and a beta of 2.42.

Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Alcoa had a negative return on equity of 7.29% and a negative net margin of 5.14%. The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same period last year, the company earned ($0.35) earnings per share. Alcoa’s quarterly revenue was up 8.3% compared to the same quarter last year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa’s dividend payout ratio is currently -10.64%.

Institutional Investors Weigh In On Alcoa

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Douglas Lane & Associates LLC grew its position in Alcoa by 12.9% during the first quarter. Douglas Lane & Associates LLC now owns 1,351,720 shares of the industrial products company’s stock worth $45,675,000 after buying an additional 154,403 shares in the last quarter. ARGA Investment Management LP grew its position in Alcoa by 202.2% during the first quarter. ARGA Investment Management LP now owns 1,491,544 shares of the industrial products company’s stock worth $50,399,000 after buying an additional 997,912 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Alcoa during the first quarter worth about $593,000. Cloverfields Capital Group LP acquired a new stake in Alcoa during the fourth quarter worth about $865,000. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in Alcoa during the second quarter worth about $706,000. 82.39% of the stock is owned by institutional investors and hedge funds.

About Alcoa

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.