Alcoa Stock Price Up 5.5% on Better-Than-Expected Earnings (AA)
Alcoa (NYSE:AA) shares rose 5.5% on Wednesday following a better than expected earnings announcement, AmericanBankingNews.com reports. The stock traded as high as $15.68 and last traded at $15.66, with a volume of 35,955,297 shares changing hands. The stock had previously closed at $14.85.
The company reported $0.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.06. The company had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $0.07 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis.
A number of research firms have recently commented on AA. Analysts at Goldman Sachs reiterated a “buy” rating on shares of Alcoa in a research note on Wednesday. Separately, analysts at Sterne Agee reiterated a “neutral” rating on shares of Alcoa in a research note on Wednesday. They now have a $16.00 price target on the stock, down previously from $18.00. Finally, analysts at Stifel Nicolaus raised their price target on shares of Alcoa from $15.00 to $17.00 in a research note on Wednesday. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.30.
The stock has a 50-day moving average of $14.19 and a 200-day moving average of $12.5. The company’s market cap is $18.463 billion.
Alcoa Inc (NYSE:AA) is engaged in lightweight metals, products and solutions.
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