Alcoa Corp (NYSE:AA) traded at $29.67 at close of the session on Tuesday, March 19, made a downward move of -4.38% on its previous day’s price.
Looking at the stock we see that its previous close was $31.03 and the beta (5Y monthly) reads 2.45 . In terms of its 52-week price range, AA has a high of $42.95 and a low of $23.07. The company’s stock has gained about 8.28% over that past 30 days.
Alcoa Corp has a market cap of $5.33 billion and is expected to release its quarterly earnings report on Apr 17, 2024 – Apr 22, 2024. With its Forward Dividend at 0.40 and a yield of 1.35%, the company’s investors could be anxious for the AA stock to gain ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of -$0.39, with the EPS growth for the year raised at $0.35 for 2024 and $2.24 for next year. These figures represent 115.40% and 540.00% growth in EPS for the two years respectively.
Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $2.55 billion, with a low of $2.33 billion and a high of $2.72 billion. The median projection represents growth adding up to -6.40% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2024 is expected to hit $10.68 billion, or 1.20% up from figures reported last year.
There have been 2 upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the AA stock, short term indicators assign the stock an average of Hold, while medium term indicators assign it an average of 50% Buy. Long term indicators on average place the stock in the category of 50% Buy.
Looking further, we note the current price level is 4.69% off its SMA20 and 3.44% from its 50-day simple moving average. The RSI (14) is pointing at 53.87 while the volatility over the past week is 4.05% and jumps to 4.04% over the past one month. The beta value is 2.45, while the average true range (ATR) is currently pointing at 1.34.
Coming back to Alcoa Corp (NYSE:AA), we note that the average 3-month trading volume was 6.18 million, while that of the preceding 10-day period stands at 6.61 million. Current shares outstanding are 178.47 million.
The insiders hold 1.21% of the company’s shares while institutions hold 84.49%. The data shows that short shares as of Feb 29, 2024, stood at 11.84 million at a short ratio of 2.07. This represents a 6.59% short interest in shares outstanding on Feb 29, 2024. Shares short rose in February from the previous month at 11.74 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock -12.74% down in year-to-date price movement.
