Credit Agricole SA Comments on Alcoa Inc.’s FY2016 Earnings (AA)
Alcoa Inc. (NYSE:AA) – Credit Agricole SA lowered their FY2016 earnings estimates for Alcoa in a report issued on Tuesday. Credit Agricole SA analyst D. Lipschitz now forecasts that the firm will earn $1.20 per share for the year, down from their previous estimate of $1.23. Credit Agricole SA also issued estimates for Alcoa’s FY2017 earnings at $1.72 EPS.
Alcoa (NYSE:AA) last released its earnings results on Tuesday, October 11th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.21. Alcoa had a positive return on equity of 3.87% and a negative net margin of 0.88%. The firm earned $5.21 billion during the quarter. During the same quarter in the previous year, the company earned $0.07 earnings per share. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis.
Several other equities analysts have also recently commented on AA. Rosenblatt Securities reissued a “buy” rating and set a $15.00 target price on shares of Alcoa in a research report on Wednesday, June 15th. Bank of America Corp. restated a “buy” rating on shares of Alcoa in a research note on Friday, June 17th. Morgan Stanley restated an “overweight” rating and set a $12.00 price target (up previously from $11.00) on shares of Alcoa in a research note on Thursday, June 30th. Berenberg Bank restated a “hold” rating and set a $9.00 price target on shares of Alcoa in a research note on Thursday, June 30th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Alcoa in a research note on Thursday, June 30th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Alcoa presently has an average rating of “Buy” and an average target price of $17.74.
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Alcoa (NYSE:AA) traded down 1.25% during midday trading on Thursday, reaching $26.77. The company’s stock had a trading volume of 8,046,089 shares. The company’s market cap is $11.74 billion. Alcoa has a 12 month low of $18.42 and a 12 month high of $34.50. The stock has a 50-day moving average price of $29.71 and a 200 day moving average price of $29.83.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.44%. The ex-dividend date is Wednesday, November 2nd. Alcoa’s dividend payout ratio is presently -63.15%.
In other Alcoa news, Director Ulrich Schmidt purchased 5,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was acquired at an average cost of $10.40 per share, with a total value of $52,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $104,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
A number of hedge funds have recently bought and sold shares of AA. Legal & General Group Plc increased its stake in Alcoa by 3.6% in the first quarter. Legal & General Group Plc now owns 5,817,728 shares of the company’s stock valued at $55,747,000 after buying an additional 200,712 shares in the last quarter. Retirement Systems of Alabama increased its stake in Alcoa by 41.6% in the second quarter. Retirement Systems of Alabama now owns 1,555,399 shares of the company’s stock valued at $14,419,000 after buying an additional 457,196 shares in the last quarter. Orbis Allan Gray Ltd acquired a new stake in Alcoa during the first quarter valued at $374,584,000. Geode Capital Management LLC increased its stake in Alcoa by 2.3% in the first quarter. Geode Capital Management LLC now owns 10,720,212 shares of the company’s stock valued at $102,493,000 after buying an additional 240,383 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Alcoa during the second quarter valued at $180,000.
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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