Alcoa Corp (NYSE:AA) – Equities researchers at B. Riley cut their FY2018 earnings estimates for Alcoa in a report released on Thursday, October 18th, according to Zacks Investment Research. B. Riley analyst L. Pipes now expects that the industrial products company will earn $3.41 per share for the year, down from their previous forecast of $4.06. B. Riley has a “Buy” rating and a $50.00 price objective on the stock. B. Riley also issued estimates for Alcoa’s Q4 2018 earnings at $0.49 EPS, Q1 2019 earnings at $0.90 EPS, Q2 2019 earnings at $1.21 EPS, Q3 2019 earnings at $1.25 EPS, Q4 2019 earnings at $1.24 EPS, FY2019 earnings at $4.59 EPS and FY2020 earnings at $4.30 EPS.
Several other research firms also recently commented on AA. BMO Capital Markets dropped their price objective on Alcoa from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Thursday, July 19th. Jefferies Financial Group set a $65.00 price objective on Alcoa and gave the company a “buy” rating in a research note on Thursday, July 19th. ValuEngine downgraded Alcoa from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Credit Suisse Group dropped their price objective on Alcoa from $69.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday, July 19th. Finally, Zacks Investment Research cut shares of Alcoa from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $61.67.
Alcoa stock traded down $0.33 during trading on Monday, hitting $36.60. The stock had a trading volume of 1,774,657 shares, compared to its average volume of 4,081,876. Alcoa has a 1 year low of $33.08 and a 1 year high of $62.35. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.12 and a beta of 0.75.
Alcoa (NYSE:AA) last announced its earnings results on Wednesday, October 17th. The industrial products company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.27. Alcoa had a positive return on equity of 10.43% and a negative net margin of 0.09%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the business earned $0.72 EPS. The company’s revenue was up 14.4% compared to the same quarter last year.
Hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC bought a new stake in Alcoa during the 2nd quarter valued at $105,000. Quad Cities Investment Group LLC bought a new position in shares of Alcoa in the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Alcoa by 104.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,931 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 2,010 shares during the period. Berson & Corrado Investment Advisors LLC bought a new position in shares of Alcoa in the second quarter worth $202,000. Finally, Lodestar Investment Counsel LLC IL bought a new position in shares of Alcoa in the second quarter worth $205,000.
Alcoa declared that its board has authorized a stock repurchase program on Wednesday, October 17th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products. The company offers aluminum sheets for the production of cans for beverage and food. It also engages in the aluminum smelting, casting, and rolling businesses; and generation and sale of renewable energy, as well as provision of ancillary services.
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