B. Riley Has Strong Forecast for Alcoa FY2024 Earnings

Alcoa Co. (NYSE:AA) – Analysts at B. Riley increased their FY2024 earnings estimates for shares of Alcoa in a note issued to investors on Tuesday, January 21st. B. Riley analyst L. Pipes now forecasts that the industrial products company will post earnings of $0.71 per share for the year, up from their previous forecast of $0.64. B. Riley has a “Buy” rating and a $50.00 price target on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.94 per share. B. Riley also issued estimates for Alcoa’s Q4 2024 earnings at $0.79 EPS, FY2025 earnings at $2.85 EPS and FY2026 earnings at $2.49 EPS.

Alcoa (NYSE:AA) last posted its quarterly earnings data on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.13. Alcoa had a negative net margin of 2.65% and a negative return on equity of 1.45%.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets upped their target price on shares of Alcoa to $43.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Jefferies Financial Group dropped their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Bank of America upped their target price on shares of Alcoa to $58.00 and gave the company a “buy” rating in a research report on Thursday, November 28th. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Argus upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.36.

Alcoa Stock Performance

AA stock opened at $37.33 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 0.80. The company has a 50 day moving average price of $40.46 and a 200 day moving average price of $37.69. Alcoa has a fifty-two week low of $24.86 and a fifty-two week high of $47.77. The stock has a market capitalization of $9.64 billion, a PE ratio of -21.21, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47.

Institutional Trading of Alcoa

A number of large investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in Alcoa in the 2nd quarter worth $27,000. UMB Bank n.a. boosted its stake in Alcoa by 481.7% in the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 631 shares during the period. Quarry LP acquired a new position in Alcoa in the 3rd quarter worth $43,000. Continuum Advisory LLC boosted its stake in Alcoa by 1,945.5% in the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 1,070 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Alcoa by 399.0% in the 4th quarter. GAMMA Investing LLC now owns 1,447 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 1,157 shares during the period.

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.