Gabelli Weighs in on Alcoa Inc.’s FY2018 Earnings (AA)
Alcoa Inc. (NYSE:AA) – Analysts at Gabelli cut their FY2018 earnings per share (EPS) estimates for Alcoa in a note issued to investors on Wednesday. Gabelli analyst J. Bergner now expects that the firm will post earnings per share of $1.90 for the year, down from their prior forecast of $1.95. Gabelli also issued estimates for Alcoa’s FY2019 earnings at $2.20 EPS.
A number of other research firms have also commented on AA. Macquarie reaffirmed a “buy” rating on shares of Alcoa in a research note on Tuesday, July 12th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Alcoa in a research note on Thursday, June 30th. BMO Capital Markets reaffirmed a “hold” rating and set a $9.00 price objective on shares of Alcoa in a research note on Tuesday, July 12th. Royal Bank Of Canada reduced their price target on shares of Alcoa to $31.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price target on shares of Alcoa in a research report on Friday, July 15th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $17.74.
Shares of Alcoa (NYSE:AA) traded down 1.33% on Thursday, hitting $26.75. 12,833,007 shares of the stock traded hands. Alcoa has a 12-month low of $18.42 and a 12-month high of $34.50. The stock has a 50-day moving average price of $29.71 and a 200 day moving average price of $29.83. The stock’s market cap is $11.73 billion.
Alcoa (NYSE:AA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.21. The company earned $5.21 billion during the quarter. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. Alcoa’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 4th will be given a $0.03 dividend. The ex-dividend date is Wednesday, November 2nd. This represents a $0.12 annualized dividend and a yield of 0.45%. Alcoa’s dividend payout ratio (DPR) is currently -63.15%.
In other news, Director Ulrich Schmidt bought 5,000 shares of Alcoa stock in a transaction that occurred on Wednesday, July 20th. The stock was purchased at an average cost of $10.40 per share, with a total value of $52,000.00. Following the completion of 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 Securities & Exchange Commission, which can be accessed through the SEC website.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Orbis Allan Gray Ltd purchased a new position in shares of Alcoa during the first quarter valued at approximately $374,584,000. First Pacific Advisors LLC boosted its position 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 period. Slate Path Capital LP purchased a new position in shares of Alcoa during the second quarter valued at approximately $65,261,000. Systematic Financial Management LP purchased a new position in shares of Alcoa during the second quarter valued at approximately $43,763,000. Finally, Vanguard Group Inc. boosted its position in shares of 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 during the period.
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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