Alcoa Inc. (AA) Releases Earnings Results, Beats Expectations By $0.21 EPS
Alcoa Inc. (NYSE:AA) released its quarterly earnings results on Tuesday. The company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.21. The business earned $5.21 billion during the quarter, compared to the consensus estimate of $5.30 billion. Alcoa had a positive return on equity of 3.44% and a negative net margin of 1.45%.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.38%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio (DPR) is presently -42.85%.
In other Alcoa news, Director Ulrich Schmidt purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was bought at an average cost of $10.40 per share, for a total transaction of $52,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at approximately $104,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
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Large investors have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. boosted its stake in Alcoa by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 34,741,129 shares of the company’s stock worth $322,050,000 after buying an additional 1,074,056 shares during the period. Teachers Advisors Inc. boosted its stake in Alcoa by 1.8% in the second quarter. Teachers Advisors Inc. now owns 4,199,114 shares of the company’s stock worth $38,926,000 after buying an additional 73,896 shares during the period. BlackRock Inc. boosted its stake in Alcoa by 10.0% in the second quarter. BlackRock Inc. now owns 3,289,866 shares of the company’s stock worth $30,498,000 after buying an additional 300,267 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in Alcoa by 2.3% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,018,967 shares of the company’s stock worth $27,986,000 after buying an additional 66,500 shares during the period. Finally, BlackRock Investment Management LLC boosted its stake in Alcoa by 1.1% in the second quarter. BlackRock Investment Management LLC now owns 2,855,834 shares of the company’s stock worth $26,474,000 after buying an additional 31,472 shares during the period.
A number of brokerages recently issued reports on AA. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, October 4th. Morgan Stanley reiterated a “buy” rating and set a $12.00 price objective on shares of Alcoa in a research note on Tuesday, August 16th. Credit Suisse Group AG reiterated a “buy” rating on shares of Alcoa in a research note on Tuesday, July 12th. Berenberg Bank reiterated a “hold” rating and set a $9.00 price objective on shares of Alcoa in a research note on Thursday, June 30th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Alcoa in a research note on Friday, June 17th. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.31.
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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