Alcoa Co. (NYSE:AA) to Post Q3 2024 Earnings of $0.20 Per Share, B. Riley Forecasts

Alcoa Co. (NYSE:AA) – Stock analysts at B. Riley raised their Q3 2024 earnings per share (EPS) estimates for Alcoa in a research note issued on Tuesday, July 30th. B. Riley analyst L. Pipes now expects that the industrial products company will earn $0.20 per share for the quarter, up from their prior forecast of $0.14. B. Riley has a “Neutral” rating and a $43.00 price objective on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.53 per share. B. Riley also issued estimates for Alcoa’s FY2025 earnings at $1.31 EPS.

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

Other equities research analysts have also recently issued reports about the company. UBS Group raised their price target on Alcoa from $27.00 to $32.00 and gave the company a “sell” rating in a report on Friday, April 19th. StockNews.com raised Alcoa from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Citigroup upped their price target on shares of Alcoa from $32.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Jefferies Financial Group raised their price objective on shares of Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley reduced their target price on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $38.80.

Alcoa Stock Performance

NYSE AA opened at $29.47 on Thursday. Alcoa has a 1-year low of $23.07 and a 1-year high of $45.48. The company has a 50 day moving average of $38.72 and a 200-day moving average of $34.70. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of -7.84 and a beta of 2.46.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Monday, August 12th. Alcoa’s dividend payout ratio is presently -10.64%.

Institutional Investors Weigh In On Alcoa

A number of institutional investors have recently made changes to their positions in AA. Spire Wealth Management increased its stake in Alcoa by 252.5% in the first quarter. Spire Wealth Management now owns 899 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 644 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of Alcoa in the 4th quarter valued at $31,000. Private Wealth Management Group LLC bought a new stake in shares of Alcoa in the 4th quarter valued at $33,000. Scarborough Advisors LLC acquired a new stake in Alcoa during the 4th quarter worth $39,000. Finally, Quest Partners LLC acquired a new stake in Alcoa during the 4th quarter worth $40,000.

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.