Alcoa (NYSE:AA) Issues Q2 2024 Earnings Guidance

Alcoa (NYSE:AA) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.080-0.190 for the period, compared to the consensus earnings per share estimate of 0.010. The company issued revenue guidance of $2.9 billion-$2.9 billion, compared to the consensus revenue estimate of $2.8 billion. Alcoa also updated its Q2 guidance to $0.08-0.19 EPS.

Analyst Upgrades and Downgrades

AA has been the subject of a number of research reports. Morgan Stanley raised shares of Alcoa from an equal weight rating to an overweight rating and upped their price objective for the company from $36.50 to $50.00 in a research note on Friday, June 21st. Bank of America upped their target price on shares of Alcoa from $40.00 to $46.00 and gave the stock a neutral rating in a research note on Wednesday, June 26th. Jefferies Financial Group increased their price objective on shares of Alcoa from $45.00 to $48.00 and gave the company a buy rating in a research report on Thursday, April 18th. BMO Capital Markets increased their target price on shares of Alcoa from $35.00 to $37.00 and gave the company a market perform rating in a research report on Thursday, April 18th. Finally, StockNews.com cut shares of Alcoa from a hold rating to a sell rating in a research note on Friday, April 19th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Alcoa currently has a consensus rating of Hold and a consensus price target of $37.33.

Alcoa Stock Performance

NYSE AA traded down $1.87 on Wednesday, reaching $38.46. The stock had a trading volume of 6,062,850 shares, compared to its average volume of 5,851,915. The company has a market cap of $6.91 billion, a P/E ratio of -10.57 and a beta of 2.45. Alcoa has a 1-year low of $23.07 and a 1-year high of $45.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.61 and a quick ratio of 0.93. The firm has a fifty day moving average of $40.27 and a two-hundred day moving average of $34.42.

Alcoa (NYSE:AA) last issued its quarterly earnings data on Wednesday, April 17th. The industrial products company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.19). Alcoa had a negative return on equity of 8.51% and a negative net margin of 6.41%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the business earned ($0.23) earnings per share. Alcoa’s revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts anticipate that Alcoa will post 1.97 EPS for the current year.

Alcoa Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Tuesday, May 21st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Monday, May 20th. Alcoa’s dividend payout ratio is -10.64%.

About Alcoa

Alcoa Corporation, together with its subsidiaries, produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Iceland, Norway, Brazil, Canada, and internationally. The company operates through two segments, Alumina and Aluminum. It engages in bauxite mining operations; and processes bauxite into alumina and sells it to customers who process it into industrial chemical products, as well as aluminum smelting and casting businesses.