Alcoa (NYSE:AA) Releases Earnings Results, Beats Expectations By $0.13 EPS

Alcoa (NYSE:AA) announced its quarterly earnings data on Wednesday. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.13, Zacks reports. The firm had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.03 billion. Alcoa had a net margin of 8.91% and a return on equity of 16.31%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share.

Alcoa Price Performance

Alcoa stock opened at $40.05 on Friday. The company has a market cap of $10.37 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 0.23 and a beta of 2.20. The firm’s fifty day moving average is $33.29 and its 200 day moving average is $29.89. The company has a quick ratio of 0.97, a current ratio of 1.65 and a debt-to-equity ratio of 0.41. Alcoa has a 52-week low of $21.53 and a 52-week high of $47.77.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Tuesday, November 4th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Alcoa’s payout ratio is presently 9.24%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in shares of Alcoa by 1,098.0% in the 1st quarter. NewEdge Advisors LLC now owns 11,704 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 10,727 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Alcoa by 0.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 646,609 shares of the industrial products company’s stock valued at $19,722,000 after acquiring an additional 4,624 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Alcoa by 1.9% in the 2nd quarter. Invesco Ltd. now owns 640,528 shares of the industrial products company’s stock worth $18,902,000 after purchasing an additional 12,008 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Alcoa by 173.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,040 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 1,295 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Alcoa by 320.1% in the 2nd quarter. First Trust Advisors LP now owns 269,982 shares of the industrial products company’s stock worth $7,967,000 after purchasing an additional 205,717 shares during the period. Institutional investors own 82.39% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on AA shares. Citigroup raised Alcoa to a “buy” rating and set a $42.00 price target on the stock in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on Alcoa from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday. Weiss Ratings raised Alcoa from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Wells Fargo & Company initiated coverage on Alcoa in a report on Tuesday, October 7th. They issued an “overweight” rating and a $40.00 price target on the stock. Finally, UBS Group upped their target price on shares of Alcoa from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, September 19th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $42.04.

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.