Gabelli Comments on Alcoa Corp’s FY2019 Earnings (AA)
Alcoa Corp (NYSE:AA) – Investment analysts at Gabelli upped their FY2019 earnings per share (EPS) estimates for Alcoa Corp in a report issued on Friday. Gabelli analyst J. Bergner now anticipates that the industrial products company will earn $3.50 per share for the year, up from their prior forecast of $3.45. Gabelli has a “Hold” rating and a $60.00 price target on the stock.
Several other analysts also recently weighed in on the company. Deutsche Bank AG upgraded Alcoa Corp from a “hold” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $60.00 in a report on Tuesday, September 12th. Citigroup Inc. restated a “buy” rating and issued a $45.00 price objective on shares of Alcoa Corp in a report on Saturday, July 22nd. BMO Capital Markets lifted their price objective on Alcoa Corp from $45.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 13th. Zacks Investment Research upgraded Alcoa Corp from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a report on Wednesday, September 6th. Finally, Morgan Stanley restated an “overweight” rating on shares of Alcoa Corp in a report on Friday, July 21st. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Alcoa Corp has a consensus rating of “Buy” and an average price target of $49.88.
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Shares of Alcoa Corp (AA) opened at 47.93 on Monday. The stock has a 50 day moving average of $46.37 and a 200-day moving average of $46.37. Alcoa Corp has a 52-week low of $20.00 and a 52-week high of $49.30. The stock has a market capitalization of $8.84 billion and a P/E ratio of 54.53.
Alcoa Corp (NYSE:AA) last released its earnings results on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.05). The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Alcoa Corp had a return on equity of 4.91% and a net margin of 2.61%. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share.
Hedge funds have recently modified their holdings of the company. NEXT Financial Group Inc grew its stake in shares of Alcoa Corp by 2.4% during the second quarter. NEXT Financial Group Inc now owns 4,462 shares of the industrial products company’s stock worth $146,000 after acquiring an additional 104 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Alcoa Corp by 8.4% during the second quarter. Pacer Advisors Inc. now owns 4,488 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 348 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Alcoa Corp by 3.8% during the second quarter. Van ECK Associates Corp now owns 5,779 shares of the industrial products company’s stock worth $189,000 after acquiring an additional 213 shares during the last quarter. Global X Management Co. LLC grew its stake in shares of Alcoa Corp by 220.6% during the second quarter. Global X Management Co. LLC now owns 5,803 shares of the industrial products company’s stock worth $189,000 after acquiring an additional 3,993 shares during the last quarter. Finally, AXA purchased a new stake in shares of Alcoa Corp during the first quarter worth about $206,000.
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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