Alcoa (NYSE:AA) Releases Quarterly Earnings Results, Misses Expectations By $0.19 EPS

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

Alcoa Stock Down 0.2 %

Shares of AA opened at $35.48 on Friday. 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. Alcoa has a 12-month low of $23.07 and a 12-month high of $42.23. The company has a current ratio of 1.45, a quick ratio of 0.74 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $30.97 and a 200-day moving average price of $29.02.

Alcoa Announces Dividend

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

Insider Activity

In other 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 transaction of $814,685.04. Following the completion of the sale, the executive vice president now directly owns 41,166 shares of the company’s stock, valued at $1,267,089.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.08% of the company’s stock.

Institutional Trading of Alcoa

Large investors have recently made changes to their positions in the stock. Moors & Cabot Inc. raised its holdings in shares of Alcoa by 2.2% in the first quarter. Moors & Cabot Inc. now owns 8,748 shares of the industrial products company’s stock valued at $788,000 after acquiring an additional 185 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Alcoa by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 48,391 shares of the industrial products company’s stock valued at $2,206,000 after acquiring an additional 284 shares in the last quarter. State of Wisconsin Investment Board raised its holdings in shares of Alcoa by 0.4% in the fourth quarter. State of Wisconsin Investment Board now owns 90,102 shares of the industrial products company’s stock valued at $4,097,000 after acquiring an additional 317 shares in the last quarter. Fairfield Bush & CO. bought a new position in Alcoa in the first quarter worth about $29,000. Finally, Envestnet Asset Management Inc. raised its holdings in Alcoa by 3.2% in the second quarter. Envestnet Asset Management Inc. now owns 11,916 shares of the industrial products company’s stock worth $404,000 after purchasing an additional 369 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AA has been the topic of several recent analyst reports. StockNews.com upgraded shares of Alcoa from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Jefferies Financial Group lifted their price objective on shares of Alcoa from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday. BMO Capital Markets lifted their price objective on shares of Alcoa from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. B. Riley boosted their price target on shares of Alcoa from $25.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Bank of America boosted their price target on shares of Alcoa from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Monday, March 18th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Alcoa presently has an average rating of “Hold” and an average price target of $32.71.

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.