B. Riley Has Strong Forecast for Alcoa FY2024 Earnings

Alcoa Co. (NYSE:AA) – Stock analysts at B. Riley raised their FY2024 earnings per share estimates for Alcoa in a research note issued on Tuesday, January 21st. B. Riley analyst L. Pipes now anticipates that the industrial products company will post earnings per share of $0.71 for the year, up from their previous estimate of $0.64. B. Riley currently has a “Buy” rating and a $50.00 target price 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 issued its quarterly earnings results on Wednesday, January 22nd. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.13. Alcoa had a negative return on equity of 1.45% and a negative net margin of 2.65%.

Several other brokerages also recently issued reports on AA. Bank of America raised their price target on Alcoa to $58.00 and gave the company a “buy” rating in a research report on Thursday, November 28th. BMO Capital Markets increased their target price on shares of Alcoa to $43.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Jefferies Financial Group reduced their target price on shares of Alcoa from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 6th. 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 note on Wednesday, October 23rd. Finally, UBS Group increased their target price on shares of Alcoa from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.36.

Alcoa Trading Down 3.7 %

Shares of NYSE:AA opened at $37.33 on Thursday. The company has a market cap of $9.64 billion, a P/E ratio of -21.21, a P/E/G ratio of 0.16 and a beta of 2.47. The stock’s 50-day moving average is $40.46 and its 200-day moving average is $37.69. Alcoa has a 52-week low of $24.86 and a 52-week high of $47.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.80 and a current ratio of 1.41.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of AA. Mountaineer Partners Management LLC boosted its holdings in shares of Alcoa by 4,023.0% in the 3rd quarter. Mountaineer Partners Management LLC now owns 10,795,880 shares of the industrial products company’s stock worth $416,505,000 after acquiring an additional 10,534,036 shares in the last quarter. State Street Corp boosted its holdings in shares of Alcoa by 23.3% in the 3rd quarter. State Street Corp now owns 9,563,645 shares of the industrial products company’s stock worth $368,965,000 after acquiring an additional 1,805,915 shares in the last quarter. Paloma Partners Management Co boosted its holdings in shares of Alcoa by 11,317.8% in the 3rd quarter. Paloma Partners Management Co now owns 1,427,799 shares of the industrial products company’s stock worth $55,084,000 after acquiring an additional 1,415,294 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Alcoa by 770.9% in the 2nd quarter. Marshall Wace LLP now owns 1,422,797 shares of the industrial products company’s stock worth $56,599,000 after acquiring an additional 1,259,430 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Alcoa by 42.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,193,744 shares of the industrial products company’s stock worth $161,838,000 after acquiring an additional 1,239,479 shares in the last quarter.

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.