B. Riley Has Negative Outlook for Alcoa FY2024 Earnings

Alcoa Co. (NYSE:AA) – Equities research analysts at B. Riley lowered their FY2024 earnings per share (EPS) estimates for shares of Alcoa in a research note issued to investors on Tuesday, November 19th. B. Riley analyst L. Pipes now anticipates that the industrial products company will post earnings of $0.64 per share for the year, down from their prior estimate of $0.65. B. Riley has a “Buy” rating and a $50.00 price objective on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.89 per share. B. Riley also issued estimates for Alcoa’s Q4 2024 earnings at $0.71 EPS and FY2025 earnings at $2.82 EPS.

Alcoa (NYSE:AA) last released its quarterly earnings results on Wednesday, October 16th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.34. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.97 billion. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.14) EPS.

Other equities analysts also recently issued research reports about the company. Morgan Stanley boosted their target price on Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. boosted their target price on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. B. Riley Financial restated a “neutral” rating and issued a $41.00 target price on shares of Alcoa in a research note on Tuesday, September 17th. BMO Capital Markets boosted their target price on Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Finally, Wolfe Research upgraded Alcoa from a “peer perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research note on Wednesday, September 4th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.75.

Alcoa Price Performance

AA stock opened at $46.51 on Thursday. The company has a market capitalization of $12.02 billion, a P/E ratio of -26.42, a price-to-earnings-growth ratio of 0.87 and a beta of 2.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41. Alcoa has a 52-week low of $23.80 and a 52-week high of $46.60. The business has a 50-day simple moving average of $40.21 and a two-hundred day simple moving average of $37.88.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of AA. Newbridge Financial Services Group Inc. bought a new stake in shares of Alcoa in the second quarter worth about $27,000. UMB Bank n.a. boosted its position in Alcoa by 481.7% during the 3rd quarter. UMB Bank n.a. now owns 762 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 631 shares in the last quarter. Quarry LP bought a new stake in Alcoa during the 3rd quarter valued at approximately $43,000. Continuum Advisory LLC boosted its position in Alcoa by 1,945.5% during the 3rd quarter. Continuum Advisory LLC now owns 1,125 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 1,070 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Alcoa by 1,501.9% during the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,592 shares in the last quarter.

Insider Buying and Selling at Alcoa

In other news, EVP Renato Bacchi sold 23,867 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $42.29, for a total value of $1,009,335.43. Following the transaction, the executive vice president now owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. This represents a 29.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Alcoa Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 29th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, October 29th. This represents a $0.40 dividend on an annualized basis and a yield of 0.86%. Alcoa’s payout ratio is -22.73%.

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.