Gabelli Comments on Alcoa Corp’s FY2019 Earnings (NYSE:AA)
Alcoa Corp (NYSE:AA) – Equities research analysts at Gabelli reduced their FY2019 earnings per share (EPS) estimates for shares of Alcoa in a report issued on Monday, July 8th. Gabelli analyst J. Bergner now anticipates that the industrial products company will post earnings of $0.60 per share for the year, down from their previous estimate of $1.00. Gabelli has a “Buy” rating on the stock. Gabelli also issued estimates for Alcoa’s FY2020 earnings at $1.25 EPS, FY2021 earnings at $1.65 EPS, FY2022 earnings at $1.60 EPS and FY2023 earnings at $1.55 EPS.
Other research analysts have also recently issued research reports about the stock. ValuEngine cut shares of Zogenix from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 11th. Zacks Investment Research raised shares of HAYS PLC/ADR from a “sell” rating to a “hold” rating in a report on Tuesday, June 18th. JPMorgan Chase & Co. set a €8.75 ($10.17) price objective on shares of Commerzbank and gave the company a “buy” rating in a report on Thursday, April 18th. Bank of America lifted their price objective on shares of Stagecoach Group from GBX 160 ($2.09) to GBX 190 ($2.48) and gave the company an “outperform” rating in a report on Wednesday, April 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a GBX 250 ($3.27) price objective on shares of BT Group in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $36.69.
Alcoa (NYSE:AA) last issued its earnings results on Wednesday, April 17th. The industrial products company reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.06). Alcoa had a positive return on equity of 6.75% and a negative net margin of 0.94%. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.87 billion. During the same period last year, the business earned $0.77 EPS. The company’s revenue for the quarter was down 12.0% on a year-over-year basis.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in shares of Alcoa by 3.7% in the fourth quarter. BlackRock Inc. now owns 9,525,897 shares of the industrial products company’s stock valued at $253,197,000 after purchasing an additional 340,639 shares during the period. Norges Bank acquired a new stake in shares of Alcoa in the fourth quarter valued at about $210,497,000. Dimensional Fund Advisors LP grew its position in shares of Alcoa by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,704,529 shares of the industrial products company’s stock valued at $125,053,000 after purchasing an additional 393,862 shares during the period. Geode Capital Management LLC grew its position in shares of Alcoa by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,912,090 shares of the industrial products company’s stock valued at $50,823,000 after purchasing an additional 40,522 shares during the period. Finally, Northern Trust Corp grew its position in shares of Alcoa by 0.6% in the fourth quarter. Northern Trust Corp now owns 1,716,216 shares of the industrial products company’s stock valued at $45,617,000 after purchasing an additional 9,756 shares during the period.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.
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