Fintel reports that on October 20, 2023, Citigroup maintained coverage of Alcoa (NYSE:AA) with a Buy recommendation.
Analyst Price Forecast Suggests 57.93% Upside
As of October 5, 2023, the average one-year price target for Alcoa is 37.90. The forecasts range from a low of 25.25 to a high of $57.75. The average price target represents an increase of 57.93% from its latest reported closing price of 24.00.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Alcoa is 12,227MM, an increase of 15.14%. The projected annual non-GAAP EPS is 3.60.
Alcoa Declares $0.10 Dividend
On July 27, 2023 the company declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of August 8, 2023 received the payment on August 24, 2023. Previously, the company paid $0.10 per share.
At the current share price of $24.00 / share, the stock's dividend yield is 1.67%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.67%, the lowest has been 0.43%, and the highest has been 7.05%. The standard deviation of yields is 1.15 (n=236).
The current dividend yield is 0.00 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is -0.08. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 884 funds or institutions reporting positions in Alcoa. This is a decrease of 128 owner(s) or 12.65% in the last quarter. Average portfolio weight of all funds dedicated to AA is 0.17%, a decrease of 24.71%. Total shares owned by institutions decreased in the last three months by 2.84% to 165,266K shares. 
The put/call ratio of AA is 1.17, indicating a bearish outlook.
What are Other Shareholders Doing?
Bank of New York Mellon holds 7,536K shares representing 4.22% ownership of the company. In it's prior filing, the firm reported owning 10,299K shares, representing a decrease of 36.67%. The firm decreased its portfolio allocation in AA by 46.57% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 5,574K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 5,536K shares, representing an increase of 0.67%. The firm decreased its portfolio allocation in AA by 25.95% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 5,412K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 5,460K shares, representing a decrease of 0.88%. The firm decreased its portfolio allocation in AA by 24.30% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 4,606K shares representing 2.58% ownership of the company. In it's prior filing, the firm reported owning 4,668K shares, representing a decrease of 1.35%. The firm decreased its portfolio allocation in AA by 25.16% over the last quarter.
Theleme Partners LLP holds 4,247K shares representing 2.38% ownership of the company. No change in the last quarter.
Alcoa Background Information
(This description is provided by the company.)
Alcoa is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back more than 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.
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This story originally appeared on Fintel.
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