Seaport Global Securities Analysts Lower Earnings Estimates for Alcoa Inc. (AA)
Alcoa Inc. (NYSE:AA) – Stock analysts at Seaport Global Securities dropped their FY2016 earnings per share (EPS) estimates for Alcoa in a research report issued on Monday. Seaport Global Securities analyst J. Sullivan now anticipates that the brokerage will post earnings per share of $1.31 for the year, down from their prior estimate of $1.32. Seaport Global Securities has a “Neutral” rating and a $11.00 price objective on the stock. Seaport Global Securities also issued estimates for Alcoa’s Q4 2016 earnings at $0.35 EPS, Q3 2017 earnings at $0.43 EPS, Q4 2017 earnings at $0.43 EPS, FY2017 earnings at $1.62 EPS, Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.47 EPS and Q3 2018 earnings at $0.50 EPS.
Alcoa (NYSE:AA) last issued its quarterly earnings results on Tuesday, October 11th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.21. The company had revenue of $5.21 billion for the quarter. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 earnings per share.
A number of other analysts also recently weighed in on the company. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, October 4th. Morgan Stanley restated a “buy” rating and issued a $12.00 price objective on shares of Alcoa in a report on Tuesday, August 16th. Credit Suisse Group AG restated a “buy” rating on shares of Alcoa in a report on Tuesday, July 12th. Berenberg Bank restated a “hold” rating and issued a $9.00 price objective on shares of Alcoa in a report on Thursday, June 30th. Finally, Bank of America Corp. restated a “buy” rating on shares of Alcoa in a report on Friday, June 17th. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $12.82.
Shares of Alcoa (NYSE:AA) opened at 27.91 on Tuesday. The stock has a 50 day moving average price of $29.84 and a 200-day moving average price of $29.85. Alcoa has a one year low of $18.42 and a one year high of $34.50. The company’s market capitalization is $12.24 billion.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Alcoa by 2.9% in the second quarter. Vanguard Group Inc. now owns 118,489,630 shares of the company’s stock valued at $1,098,398,000 after buying an additional 3,387,829 shares in the last quarter. First Pacific Advisors LLC raised its stake in shares of Alcoa by 13.5% in the second quarter. First Pacific Advisors LLC now owns 64,456,242 shares of the company’s stock valued at $597,509,000 after buying an additional 7,650,380 shares during the last quarter. Orbis Allan Gray Ltd bought a new stake in shares of Alcoa during the first quarter valued at about $374,584,000. BlackRock Institutional Trust Company N.A. raised its stake in shares of Alcoa by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 34,741,129 shares of the company’s stock valued at $322,050,000 after buying an additional 1,074,056 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Alcoa by 0.4% in the first quarter. BlackRock Group LTD now owns 13,821,640 shares of the company’s stock valued at $132,411,000 after buying an additional 55,116 shares during the last quarter.
In other news, Director Ulrich Schmidt bought 5,000 shares of the company’s stock in a transaction on Wednesday, July 20th. The shares were purchased at an average price of $10.40 per share, with a total value of $52,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $104,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.43%. Alcoa’s dividend payout ratio is currently -42.85%.
Alcoa Inc is engaged in lightweight metals engineering and manufacturing. The Company operates in five segments: Alumina, Primary Metals, Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company’s multi-material products, which include aluminum, titanium and nickel, are used across the world in aerospace, automobiles, commercial transportation, packaging, building and construction, defense, consumer electronics, oil and gas, and industrial applications.
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