B. Riley Weighs in on Alcoa Co.’s Q3 2024 Earnings (NYSE:AA)

Alcoa Co. (NYSE:AA) – Investment analysts at B. Riley issued their Q3 2024 earnings per share (EPS) estimates for shares of Alcoa in a report released on Tuesday, September 24th. B. Riley analyst L. Pipes anticipates that the industrial products company will post earnings per share of $0.24 for the quarter. B. Riley has a “Neutral” rating and a $41.00 price objective on the stock. The consensus estimate for Alcoa’s current full-year earnings is $0.56 per share. B. Riley also issued estimates for Alcoa’s Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $0.03 EPS and FY2026 earnings at $2.49 EPS.

AA has been the subject of a number of other reports. UBS Group boosted their price objective on Alcoa from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. B. Riley Financial restated a “neutral” rating and set a $41.00 price objective on shares of Alcoa in a research report on Tuesday, September 17th. JPMorgan Chase & Co. assumed coverage on shares of Alcoa in a report on Wednesday. They set a “neutral” rating and a $36.00 price objective on the stock. Bank of America cut their target price on shares of Alcoa from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. Finally, Morgan Stanley decreased their price target on shares of Alcoa from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.82.

Alcoa Stock Performance

NYSE AA opened at $39.26 on Friday. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of -10.44 and a beta of 2.42. The stock has a 50-day moving average of $32.51 and a 200 day moving average of $35.93. The company has a current ratio of 1.55, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. Alcoa has a twelve month low of $23.07 and a twelve month high of $45.48.

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

Hedge Funds Weigh In On Alcoa

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AA. Norges Bank acquired a new position in shares of Alcoa during the 4th quarter valued at about $45,730,000. D.A. Davidson & CO. acquired a new position in Alcoa in the 4th quarter valued at about $246,000. Quest Partners LLC purchased a new stake in shares of Alcoa in the 4th quarter valued at approximately $40,000. Commerce Bank increased its holdings in shares of Alcoa by 107.0% during the 4th quarter. Commerce Bank now owns 14,643 shares of the industrial products company’s stock worth $498,000 after buying an additional 7,568 shares during the last quarter. Finally, United Services Automobile Association raised its position in shares of Alcoa by 17.0% during the 4th quarter. United Services Automobile Association now owns 14,708 shares of the industrial products company’s stock valued at $500,000 after buying an additional 2,135 shares during the period. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Monday, August 12th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Monday, August 12th. Alcoa’s dividend payout ratio is currently -10.64%.

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.