B. Riley Has Negative Outlook for Alcoa FY2024 Earnings

Alcoa Co. (NYSE:AA) – Equities researchers at B. Riley reduced their FY2024 earnings per share estimates for Alcoa in a note issued to investors on Tuesday, November 19th. B. Riley analyst L. Pipes now expects that the industrial products company will earn $0.64 per share for the year, down from their previous forecast 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.

A number of other equities analysts have also commented on the company. JPMorgan Chase & Co. raised their price objective on Alcoa from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Argus upgraded Alcoa from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, October 23rd. Morgan Stanley raised their price objective on Alcoa from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Bank of America upgraded Alcoa from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $52.00 in a research note on Tuesday, October 1st. Finally, BMO Capital Markets raised their price objective on Alcoa from $42.00 to $45.00 and gave the stock a “market perform” rating in a research note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.75.

Alcoa Price Performance

Shares of NYSE AA opened at $46.51 on Thursday. The firm has a market cap 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 current ratio of 1.41, a quick ratio of 0.80 and a debt-to-equity ratio of 0.47. Alcoa has a 1-year low of $23.80 and a 1-year high of $46.60. The business’s 50 day moving average is $40.21 and its 200-day moving average is $37.88.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. acquired a new position in Alcoa during the 2nd quarter worth about $27,000. UMB Bank n.a. raised its position in shares of 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 acquiring an additional 631 shares in the last quarter. Quarry LP bought a new position in shares of Alcoa in the 3rd quarter worth about $43,000. Continuum Advisory LLC raised its position in shares of 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 acquiring an additional 1,070 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Alcoa by 1,501.9% in the 1st quarter. Toronto Dominion Bank now owns 1,698 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 1,592 shares in the last quarter.

Insider Activity at Alcoa

In other Alcoa news, EVP Renato Bacchi sold 23,867 shares of Alcoa stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $42.29, for a total transaction of $1,009,335.43. Following the transaction, the executive vice president now directly owns 57,317 shares of the company’s stock, valued at approximately $2,423,935.93. The trade was a 29.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 29th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Tuesday, October 29th. Alcoa’s dividend payout ratio (DPR) 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.