Brokerages Expect Alcoa Corp (AA) Will Announce Quarterly Sales of $3.35 Billion
Brokerages forecast that Alcoa Corp (NYSE:AA) will announce sales of $3.35 billion for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Alcoa’s earnings. The highest sales estimate is $3.41 billion and the lowest is $3.29 billion. Alcoa posted sales of $2.54 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 31.9%. The company is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, January 17th.
According to Zacks, analysts expect that Alcoa will report full-year sales of $3.35 billion for the current financial year, with estimates ranging from $11.50 billion to $11.88 billion. For the next year, analysts expect that the firm will report sales of $12.44 billion per share, with estimates ranging from $12.06 billion to $13.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Alcoa.
Alcoa (NYSE:AA) last announced its quarterly earnings data on Wednesday, October 18th. The industrial products company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.05). The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.95 billion. Alcoa had a net margin of 2.61% and a return on equity of 4.90%. The firm’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share.
AA has been the topic of several analyst reports. BMO Capital Markets raised their target price on Alcoa from $45.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 13th. Citigroup reaffirmed a “buy” rating and set a $55.00 target price (up from $53.00) on shares of Alcoa in a report on Friday, October 20th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $60.00 target price on shares of Alcoa in a report on Thursday, October 19th. Zacks Investment Research upgraded Alcoa from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Thursday, September 14th. Finally, Gabelli downgraded Alcoa from a “buy” rating to a “hold” rating and increased their price target for the stock from $57.00 to $60.00 in a research report on Wednesday, October 4th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $53.07.
Several large investors have recently bought and sold shares of the stock. Elliott Management Corp increased its stake in Alcoa by 14.7% during the second quarter. Elliott Management Corp now owns 11,737,457 shares of the industrial products company’s stock worth $383,228,000 after acquiring an additional 1,500,000 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Alcoa by 13.4% during the second quarter. Parametric Portfolio Associates LLC now owns 418,466 shares of the industrial products company’s stock worth $13,663,000 after acquiring an additional 49,441 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Alcoa by 1.3% during the third quarter. State Board of Administration of Florida Retirement System now owns 220,201 shares of the industrial products company’s stock worth $10,266,000 after acquiring an additional 2,790 shares during the last quarter. Vanguard Group Inc. increased its stake in Alcoa by 14.5% during the second quarter. Vanguard Group Inc. now owns 14,851,293 shares of the industrial products company’s stock worth $484,895,000 after acquiring an additional 1,885,745 shares during the last quarter. Finally, Cipher Capital LP acquired a new stake in Alcoa during the third quarter worth $646,000.
Shares of Alcoa (NYSE AA) opened at $56.17 on Thursday. The company has a market capitalization of $10,390.00 and a PE ratio of 38.47. Alcoa has a 1-year low of $29.55 and a 1-year high of $56.26. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17.
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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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