Credit Agricole SA Brokers Lower Earnings Estimates for Alcoa Inc. (AA)
Alcoa Inc. (NYSE:AA) – Investment analysts at Credit Agricole SA dropped their FY2018 earnings per share estimates for shares of Alcoa in a report issued on Tuesday. Credit Agricole SA analyst D. Lipschitz now forecasts that the firm will post earnings per share of $2.16 for the year, down from their previous estimate of $2.37.
Alcoa (NYSE:AA) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.21. Alcoa had a negative net margin of 0.88% and a positive return on equity of 3.87%. The company earned $5.21 billion during the quarter. During the same quarter in the prior year, the company posted $0.07 EPS. The company’s quarterly revenue was down 6.5% compared to the same quarter last year.
AA has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Alcoa from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Tuesday, October 4th. Bank of America Corp. restated a “buy” rating and set a $33.00 target price on shares of Alcoa in a report on Wednesday. Morgan Stanley restated an “overweight” rating and set a $12.00 target price on shares of Alcoa in a report on Wednesday, October 5th. Seaport Global Securities started coverage on shares of Alcoa in a report on Friday, September 9th. They set a “neutral” rating and a $11.00 target price on the stock. Finally, Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of Alcoa in a report on Friday, July 15th. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $17.74.
Shares of Alcoa (NYSE:AA) traded down 1.16% during trading on Friday, hitting $26.44. 9,367,531 shares of the stock were exchanged. The firm’s 50-day moving average is $29.62 and its 200 day moving average is $29.80. Alcoa has a 1-year low of $18.42 and a 1-year high of $34.50. The company’s market cap is $11.59 billion.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Wednesday, November 2nd. Alcoa’s payout ratio is -63.15%.
In other Alcoa news, Director Ulrich Schmidt bought 5,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was purchased at an average price of $10.40 per share, with a total value of $52,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $104,000. The purchase was disclosed in a filing with the SEC, which is accessible through this link.
Hedge funds and other institutional investors have recently modified their holdings of the company. Parametrica Management Ltd purchased a new position in Alcoa during the third quarter valued at about $158,000. MSI Financial Services Inc raised its position in shares of Alcoa by 44.2% in the third quarter. MSI Financial Services Inc now owns 121,194 shares of the company’s stock worth $1,229,000 after buying an additional 37,122 shares during the period. Canandaigua National Bank & Trust Co. raised its position in shares of Alcoa by 0.3% in the third quarter. Canandaigua National Bank & Trust Co. now owns 26,223 shares of the company’s stock worth $266,000 after buying an additional 79 shares during the period. Patten & Patten Inc. TN raised its position in shares of Alcoa by 46.1% in the third quarter. Patten & Patten Inc. TN now owns 187,177 shares of the company’s stock worth $1,898,000 after buying an additional 59,050 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in shares of Alcoa by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 174,582 shares of the company’s stock worth $1,770,000 after buying an additional 1,618 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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