Alcoa (AA) Stock Slides as Market Rises: Facts to Know Before You Trade
Alcoa (AA) closed the most recent trading day at $27.16, moving -1.77% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.81%. Meanwhile, the Dow experienced a rise of 0.39%, and the technology-dominated Nasdaq saw an increase of 1.35%.
The bauxite, alumina and aluminum products company's stock has dropped by 8.72% in the past month, falling short of the Industrial Products sector's loss of 8.12% and the S&P 500's loss of 6.19%.
The upcoming earnings release of Alcoa will be of great interest to investors. The company's earnings report is expected on October 18, 2023. In that report, analysts expect Alcoa to post earnings of -$1.04 per share. This would mark a year-over-year decline of 215.15%. In the meantime, our current consensus estimate forecasts the revenue to be $2.59 billion, indicating a 9% decline compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.56 per share and a revenue of $10.62 billion, signifying shifts of -132.3% and -14.74%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Alcoa. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 25% downward. Alcoa is currently a Zacks Rank #3 (Hold).
The Metal Products - Distribution industry is part of the Industrial Products sector. At present, this industry carries a Zacks Industry Rank of 106, placing it within the top 43% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Alcoa (AA) : Free Stock Analysis Report
