Alcoa (NYSE:AA) Announces Quarterly Earnings Results

Alcoa (NYSE:AA) announced its earnings results on Thursday. The industrial products company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.21), FiscalAI reports. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.99 billion. Alcoa had a net margin of 8.27% and a return on equity of 12.57%.

Alcoa Trading Down 3.4%

AA traded down $1.65 during mid-day trading on Thursday, hitting $46.93. 6,348,646 shares of the stock were exchanged, compared to its average volume of 6,409,721. The firm’s fifty day moving average is $62.40 and its two-hundred day moving average is $62.64. Alcoa has a 1-year low of $28.11 and a 1-year high of $84.38. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. The company has a market cap of $12.38 billion, a PE ratio of 11.88, a PEG ratio of 0.52 and a beta of 1.63.

Alcoa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Tuesday, May 19th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Alcoa’s payout ratio is currently 10.13%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AA. Atlas Capital Advisors Inc. acquired a new stake in Alcoa in the 4th quarter valued at about $189,000. UMB Bank n.a. increased its stake in shares of Alcoa by 29.1% during the fourth quarter. UMB Bank n.a. now owns 3,023 shares of the industrial products company’s stock worth $161,000 after buying an additional 682 shares during the period. Virtus Advisers LLC purchased a new stake in shares of Alcoa during the fourth quarter worth approximately $207,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Alcoa during the fourth quarter worth $120,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Alcoa by 18.7% in the third quarter. CIBC Private Wealth Group LLC now owns 5,543 shares of the industrial products company’s stock valued at $182,000 after buying an additional 874 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AA. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 target price (down from $79.00) on shares of Alcoa in a research report on Wednesday, July 8th. B. Riley Financial reduced their price objective on Alcoa from $92.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. BMO Capital Markets raised their target price on Alcoa from $65.00 to $75.00 and gave the stock a “market perform” rating in a research note on Thursday, April 9th. Argus set a $73.00 price target on shares of Alcoa in a research report on Monday, April 27th. Finally, Bank of America cut their price objective on shares of Alcoa from $57.00 to $51.00 and set an “underperform” rating for the company in a research report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $64.91.

About Alcoa

Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company’s operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.

Alcoa’s product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.