ALCOA CORP (AA) Expected to Announce Quarterly Sales of $3.03 Billion
Equities analysts expect that ALCOA CORP (NYSE:AA) will post sales of $3.03 billion for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for ALCOA CORP’s earnings. The lowest sales estimate is $2.97 billion and the highest is $3.09 billion. The firm is expected to announce its next earnings results after the market closes on Wednesday, October 18th.
According to Zacks, analysts expect that ALCOA CORP will report full-year sales of $3.03 billion for the current year, with estimates ranging from $11.10 billion to $11.87 billion. For the next fiscal year, analysts expect that the business will report sales of $11.90 billion per share, with estimates ranging from $11.27 billion to $12.80 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover ALCOA CORP.
ALCOA CORP (NYSE:AA) last released its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. ALCOA CORP had a net margin of 1.63% and a return on equity of 3.29%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year.
Several research firms have issued reports on AA. BMO Capital Markets reiterated a “buy” rating and issued a $45.00 price objective on shares of ALCOA CORP in a research report on Friday, June 2nd. Morgan Stanley cut ALCOA CORP from a “top pick” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $47.00 in a research report on Tuesday, June 27th. They noted that the move was a valuation call. Deutsche Bank AG reiterated a “hold” rating and issued a $44.00 price objective on shares of ALCOA CORP in a research report on Wednesday, August 9th. Zacks Investment Research upgraded ALCOA CORP from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a research report on Wednesday, September 6th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $45.00 price objective on shares of ALCOA CORP in a research report on Saturday, July 22nd. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $43.44.
A number of large investors have recently modified their holdings of AA. BlackRock Inc. boosted its stake in ALCOA CORP by 4,113.0% in the 1st quarter. BlackRock Inc. now owns 6,820,599 shares of the industrial products company’s stock worth $234,632,000 after buying an additional 6,658,703 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its stake in ALCOA CORP by 163.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 4,539,019 shares of the industrial products company’s stock worth $148,198,000 after buying an additional 2,816,320 shares during the last quarter. BT Investment Management Ltd acquired a new stake in ALCOA CORP in the 2nd quarter worth about $83,380,000. Assenagon Asset Management S.A. acquired a new stake in ALCOA CORP in the 2nd quarter worth about $63,686,000. Finally, Vanguard Group Inc. boosted its stake in ALCOA CORP by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after buying an additional 1,885,745 shares during the last quarter.
Shares of ALCOA CORP (NYSE:AA) opened at 45.38 on Friday. ALCOA CORP has a 1-year low of $20.00 and a 1-year high of $46.44. The firm has a market cap of $8.37 billion and a PE ratio of 51.63. The company has a 50-day moving average of $44.87 and a 200-day moving average of $44.87.
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About ALCOA CORP
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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