Alcoa Corp (AA) to Post FY2020 Earnings of $2.95 Per Share, Gabelli Forecasts
Alcoa Corp (NYSE:AA) – Research analysts at Gabelli raised their FY2020 earnings per share (EPS) estimates for shares of Alcoa Corp in a research report issued on Wednesday. Gabelli analyst J. Bergner now forecasts that the industrial products company will post earnings of $2.95 per share for the year, up from their previous forecast of $2.65. Gabelli currently has a “Hold” rating and a $60.00 target price on the stock.
Alcoa Corp (NYSE:AA) last released its earnings results on Wednesday, July 19th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.88 billion. Alcoa Corp had a net margin of 1.63% and a return on equity of 3.29%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 EPS. COPYRIGHT VIOLATION NOTICE: “Alcoa Corp (AA) to Post FY2020 Earnings of $2.95 Per Share, Gabelli Forecasts” was first published by American Banking News and is the property of of American Banking News. If you are accessing this story on another site, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/10/05/alcoa-corp-aa-to-post-fy2020-earnings-of-2-95-per-share-gabelli-forecasts.html.
Several other research firms also recently issued reports on AA. Berenberg Bank downgraded shares of Alcoa Corp from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $41.00 to $44.00 in a research note on Friday, September 22nd. Morgan Stanley reiterated an “overweight” rating and set a $47.00 price objective on shares of Alcoa Corp in a research note on Wednesday, September 20th. Citigroup Inc. reiterated a “buy” rating and set a $53.00 price objective on shares of Alcoa Corp in a research note on Friday, September 29th. BMO Capital Markets boosted their price objective on shares of Alcoa Corp from $45.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 13th. Finally, Zacks Investment Research upgraded shares of Alcoa Corp from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Thursday, September 14th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $45.53.
Alcoa Corp (NYSE AA) traded up 0.73% during midday trading on Thursday, reaching $48.26. 2,208,518 shares of the company’s stock were exchanged. Alcoa Corp has a 52 week low of $20.00 and a 52 week high of $49.30. The firm has a market capitalization of $8.90 billion and a P/E ratio of 54.90. The stock’s 50 day moving average is $45.66 and its 200 day moving average is $45.66.
A number of institutional investors and hedge funds have recently bought and sold shares of AA. Parallel Advisors LLC acquired a new stake in Alcoa Corp in the first quarter valued at $133,000. Pacer Advisors Inc. raised its holdings in Alcoa Corp by 3.3% in the first quarter. Pacer Advisors Inc. now owns 4,140 shares of the industrial products company’s stock valued at $142,000 after acquiring an additional 132 shares in the last quarter. NEXT Financial Group Inc raised its holdings in Alcoa Corp by 2.4% in the second quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 104 shares in the last quarter. Global X Management Co. LLC raised its holdings in Alcoa Corp by 220.6% in the second quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock valued at $189,000 after acquiring an additional 3,993 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Alcoa Corp by 3.8% in the second quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock valued at $189,000 after acquiring an additional 213 shares in the last quarter.
Alcoa Corp Company Profile
Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling.
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