Alcoa Inc. (AA) Posts Quarterly Earnings Results, Beats Estimates By $0.21 EPS
Alcoa Inc. (NYSE:AA) announced its quarterly earnings results on Tuesday. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.21. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%. The firm earned $5.21 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the prior year, the firm earned $0.07 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 4th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. Alcoa’s dividend payout ratio (DPR) is presently -42.85%.
In other Alcoa news, Director Ulrich Schmidt bought 5,000 shares of the company’s stock in a transaction on Wednesday, July 20th. The shares were bought at an average price of $10.40 per share, for a total transaction of $52,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $104,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AA. WFG Advisors LP raised its position in Alcoa by 1.2% in the second quarter. WFG Advisors LP now owns 24,431 shares of the company’s stock valued at $226,000 after buying an additional 300 shares during the period. Marshall Wace LLP raised its position in Alcoa by 118.1% in the second quarter. Marshall Wace LLP now owns 25,777 shares of the company’s stock valued at $239,000 after buying an additional 13,959 shares during the period. Ameritas Investment Partners Inc. raised its position in Alcoa by 6.5% in the second quarter. Ameritas Investment Partners Inc. now owns 25,999 shares of the company’s stock valued at $241,000 after buying an additional 1,598 shares during the period. Bank of Nova Scotia raised its position in Alcoa by 4,270.5% in the second quarter. Bank of Nova Scotia now owns 26,179 shares of the company’s stock valued at $243,000 after buying an additional 25,580 shares during the period. Finally, Pacer Advisors Inc. raised its position in Alcoa by 9.1% in the second quarter. Pacer Advisors Inc. now owns 26,324 shares of the company’s stock valued at $244,000 after buying an additional 2,202 shares during the period.
AA has been the subject of several recent research reports. Berenberg Bank reiterated a “hold” rating and issued a $9.00 price target on shares of Alcoa in a report on Tuesday, June 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 price target on shares of Alcoa in a report on Wednesday, June 15th. Bank of America Corp. reiterated a “buy” rating on shares of Alcoa in a report on Friday, June 17th. Morgan Stanley reiterated an “overweight” rating and issued a $12.00 price target (up from $11.00) on shares of Alcoa in a report on Thursday, June 30th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Alcoa in a report on Thursday, June 30th. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Alcoa has a consensus rating of “Buy” and an average target price of $13.31.
Alcoa Company Profile
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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