Wall Street brokerages forecast that Alcoa Corp (NYSE:AA) will post $3.03 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Alcoa Corp’s earnings, with estimates ranging from $2.97 billion to $3.09 billion. The company is scheduled to report 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 $11.35 billion to $11.87 billion. For the next year, analysts expect that the firm will report sales of $12.20 billion per share, with estimates ranging from $11.76 billion to $12.80 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Alcoa Corp.
Alcoa Corp (NYSE:AA) last issued its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.88 billion. Alcoa Corp had a return on equity of 3.29% and a net margin of 1.63%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS.
A number of analysts have recently commented on AA shares. ING Group upgraded Alcoa Corp to a “buy” rating in a research note on Friday, June 23rd. Deutsche Bank AG restated a “hold” rating and issued a $44.00 target price (up previously from $37.00) on shares of Alcoa Corp in a research note on Sunday, June 25th. Morgan Stanley downgraded Alcoa Corp from a “top pick” rating to a “buy” rating and upped their target price for the stock from $43.00 to $47.00 in a research note on Tuesday, June 27th. They noted that the move was a valuation call. BMO Capital Markets set a $45.00 price target on Alcoa Corp and gave the stock a “buy” rating in a report on Tuesday, July 4th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $45.00 price target on shares of Alcoa Corp in a report on Saturday, July 22nd. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $46.89.
Shares of Alcoa Corp (AA) opened at 46.89 on Wednesday. The company has a market cap of $8.64 billion and a P/E ratio of 53.34. Alcoa Corp has a 52 week low of $20.00 and a 52 week high of $49.30. The company’s 50-day moving average price is $45.96 and its 200 day moving average price is $45.96.
Several institutional investors have recently made changes to their positions in AA. Pacer Advisors Inc. raised its holdings in shares of Alcoa Corp by 3.3% during the first quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 132 shares during the last quarter. NEXT Financial Group Inc increased its holdings in shares of Alcoa Corp by 2.4% in the second quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 104 shares during the last quarter. Global X Management Co. LLC increased its holdings in shares of Alcoa Corp by 220.6% in the second quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 3,993 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Alcoa Corp by 3.8% in the second quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock valued at $189,000 after purchasing an additional 213 shares during the last quarter. Finally, Lincoln National Corp increased its holdings in shares of Alcoa Corp by 3.9% in the second quarter. Lincoln National Corp now owns 6,154 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 233 shares during the last quarter.
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Alcoa Corp Company Profile
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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