B. Riley Weighs in on Alcoa Co.’s Q1 2023 Earnings (NYSE:AA)

Alcoa Co. (NYSE:AAGet Rating) – Equities research analysts at B. Riley issued their Q1 2023 EPS estimates for shares of Alcoa in a research note issued on Thursday, April 21st. B. Riley analyst L. Pipes forecasts that the industrial products company will post earnings per share of $2.35 for the quarter. B. Riley currently has a “Neutral” rating and a $84.00 price target on the stock.

A number of other equities analysts have also weighed in on AA. Zacks Investment Research raised Alcoa from a “hold” rating to a “strong-buy” rating and set a $85.00 price objective for the company in a research note on Wednesday, February 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Alcoa from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Thursday, March 10th. Morgan Stanley downgraded Alcoa from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $78.00 to $100.00 in a research report on Wednesday, March 23rd. Citigroup downgraded Alcoa from a “buy” rating to a “neutral” rating and set a $84.00 price objective on the stock. in a research report on Thursday. Finally, Argus upped their price objective on Alcoa from $68.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, March 21st. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Alcoa presently has an average rating of “Buy” and an average price target of $93.17.

NYSE:AA opened at $67.37 on Friday. The stock has a 50-day simple moving average of $83.32 and a two-hundred day simple moving average of $64.08. Alcoa has a 52-week low of $31.00 and a 52-week high of $98.09. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.56. The firm has a market capitalization of $12.42 billion, a PE ratio of 30.48 and a beta of 2.30.

Alcoa (NYSE:AAGet Rating) last released its quarterly earnings results on Wednesday, April 20th. The industrial products company reported $3.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.14. Alcoa had a return on equity of 23.54% and a net margin of 3.53%. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same period in the previous year, the company posted $0.79 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently made changes to their positions in AA. FMR LLC boosted its position in shares of Alcoa by 136.4% in the 1st quarter. FMR LLC now owns 1,048,586 shares of the industrial products company’s stock worth $29,528,000 after purchasing an additional 605,094 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in shares of Alcoa by 0.7% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 187,756 shares of the industrial products company’s stock worth $5,287,000 after purchasing an additional 1,251 shares in the last quarter. M&T Bank Corp raised its stake in Alcoa by 18.4% in the 3rd quarter. M&T Bank Corp now owns 6,834 shares of the industrial products company’s stock worth $335,000 after acquiring an additional 1,064 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Alcoa by 3.6% in the 3rd quarter. Vontobel Holding Ltd. now owns 30,471 shares of the industrial products company’s stock worth $1,491,000 after acquiring an additional 1,055 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Alcoa by 113.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 51,359 shares of the industrial products company’s stock worth $2,513,000 after acquiring an additional 27,291 shares during the last quarter.

In other Alcoa news, CEO Roy Christopher Harvey sold 238,147 shares of the stock in a transaction on Wednesday, January 26th. The stock was sold at an average price of $60.62, for a total transaction of $14,436,471.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey D. Heeter sold 29,440 shares of the stock in a transaction on Tuesday, January 25th. The shares were sold at an average price of $60.31, for a total value of $1,775,526.40. The disclosure for this sale can be found here. In the last three months, insiders sold 326,109 shares of company stock worth $20,224,090.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 24th. Investors of record on Tuesday, March 8th were paid a $0.10 dividend. The ex-dividend date was Monday, March 7th. This represents a $0.40 annualized dividend and a yield of 0.59%. Alcoa’s dividend payout ratio (DPR) is currently 18.10%.

About Alcoa (Get Rating)

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 three segments: Bauxite, 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.

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Earnings History and Estimates for Alcoa (NYSE:AA)

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