Alcoa (AA) Declines More Than Market: Some Information for Investors
Alcoa (AA) ended the recent trading session at $26.58, demonstrating a -1.19% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.5%. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq lost 1.23%.
Shares of the bauxite, alumina and aluminum products company witnessed a loss of 10.9% over the previous month, trailing the performance of the Industrial Products sector with its loss of 2% and the S&P 500's loss of 2.4%.
The investment community will be paying close attention to the earnings performance of Alcoa in its upcoming release. The company is slated to reveal its earnings on October 18, 2023. In that report, analysts expect Alcoa to post earnings of -$1.13 per share. This would mark a year-over-year decline of 242.42%. Our most recent consensus estimate is calling for quarterly revenue of $2.59 billion, down 9.11% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.79 per share and revenue of $10.68 billion, indicating changes of -137.06% and -14.21%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Alcoa. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 27.27% lower. Alcoa presently features a Zacks Rank of #3 (Hold).
The Metal Products - Distribution industry is part of the Industrial Products sector. At present, this industry carries a Zacks Industry Rank of 102, placing it within the top 41% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Alcoa (AA) : Free Stock Analysis Report
