Alcoa (NYSE:AA) Announces Quarterly Earnings Results

Alcoa (NYSE:AA) released its earnings results on Wednesday. The industrial products company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.19), Briefing.com reports. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Alcoa had a negative return on equity of 6.56% and a negative net margin of 6.17%. The firm’s revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.23) earnings per share.

Alcoa Stock Performance

Shares of AA stock opened at $35.48 on Friday. Alcoa has a 12 month low of $23.07 and a 12 month high of $42.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.45 and a quick ratio of 0.74. The firm has a market capitalization of $6.37 billion, a P/E ratio of -9.72, a P/E/G ratio of 2.32 and a beta of 2.47. The company’s fifty day moving average price is $30.97 and its two-hundred day moving average price is $29.02.

Alcoa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Tuesday, March 5th were issued a $0.10 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.13%. Alcoa’s dividend payout ratio is currently -10.96%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Alcoa from $35.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday. Bank of America boosted their price objective on shares of Alcoa from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Jefferies Financial Group boosted their price objective on shares of Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley boosted their price objective on shares of Alcoa from $27.00 to $29.50 and gave the company an “underweight” rating in a research note on Thursday, January 18th. Finally, B. Riley boosted their price objective on shares of Alcoa from $25.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Alcoa presently has a consensus rating of “Hold” and a consensus price target of $32.71.

Insiders Place Their Bets

In other Alcoa news, EVP Tammi A. Jones sold 26,468 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $30.78, for a total value of $814,685.04. Following the transaction, the executive vice president now owns 41,166 shares in the company, valued at approximately $1,267,089.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alcoa

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Alcoa by 3.4% in the 1st quarter. State Street Corp now owns 8,273,477 shares of the industrial products company’s stock worth $352,119,000 after purchasing an additional 271,387 shares during the last quarter. Morgan Stanley increased its position in shares of Alcoa by 24.9% in the 3rd quarter. Morgan Stanley now owns 5,941,667 shares of the industrial products company’s stock worth $172,665,000 after purchasing an additional 1,185,323 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Alcoa by 4,737.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,578,275 shares of the industrial products company’s stock worth $208,174,000 after purchasing an additional 4,483,625 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Alcoa in the 1st quarter worth about $318,670,000. Finally, Norges Bank bought a new stake in shares of Alcoa in the 4th quarter worth about $128,592,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

Alcoa Company Profile

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.