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AA

Alcoa

$31.51

0.14 (0.45%)

07:47
10/11/16
10/11
07:47
10/11/16
07:47

Alcoa reports Q3 Arconic segment revenue $3.4B, down 1% y/y

Reports Q3 Alcoa Corporation segment revenue $2.3B, flat sequentially. In spite of near-term market challenges, Arconic segments reported combined year-over-year profit growth, and Alcoa Corporation segments, Alumina and Primary Metals, maintained profitability sequentially despite continued low alumina and aluminum pricing by proactively managing costs and capacity. The Company's separation is scheduled to become effective before the opening of the market on November 1, 2016. "Alcoa steered steady and showed resilience in spite of near-term market challenges," said Klaus Kleinfeld, Alcoa Chairman and CEO. "Profits grew in the combined Arconic segments, and Alcoa Corporation segments managed successfully to stay profitable in a low pricing environment. Productivity across the portfolio was exceptional, and paired with non-essential asset sales, further strengthened our cash position. Arconic's results underline its strong position in higher margin markets where innovation, technology, process skills and cost focus pay off even under demanding circumstances, whereas Alcoa Corporation proved to be successful in spite of challenging market conditions. The strength of both future companies is the result of our multi-year strategy and allows us to launch two strong, independent entities."

  • 11

    Oct

AA Alcoa
$31.51

0.14 (0.45%)

05/23/16
BOFA
05/23/16
UPGRADE
BOFA
Buy
Alcoa upgraded to Buy from Neutral at BofA/Merrill
05/23/16
05/23/16
UPGRADE
Target $11

Buy
Alcoa upgraded to Buy from Neutral at BofA/Merrill
As previously reported, BofA/Merrill upgraded Alcoa to Buy from Neutral and raised its price target to $11 from $10.50. Analyst Timna Tanners said aluminum and alumina has become a lesser portion of Alcoa's earnings yet shares have become increasingly correlated to aluminum pricing while aerospace exposure now leaves it with an estimated 75% of its earnings levered to the segment. Tanners is confident in an upswing in aero-heavy downstream results and sees engine deliveries up 10% in 2016 and 18% in 2017. The analyst views the recent pullback in Alcoa shares as a buying opportunity given reduced commodity exposure and increased aero contribution.
09/09/16
GHSC
09/09/16
INITIATION
Target $11
GHSC
Neutral
Alcoa initiated with a Neutral at Seaport Global
Seaport Global analyst Josh Sullivan initiated Alcoa with a Neutral and $11 price target.
09/09/16
09/09/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. American Express (AXP) initiated with an Underweight at Atlantic Equities. 2. Alcoa (AA) initiated with a Neutral at Seaport Global. 3. Blue Buffalo Pet Products (BUFF) initiated with an Outperform at Oppenheimer. 4. Harley-Davidson (HOG) initiated with an Outperform at Bernstein. 5. Verifone (PAY) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

PES

Pioneer Energy

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SLM

Sallie Mae

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MIK

Michaels

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K

Kellogg

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NAVI

Navient

$17.03

0.03 (0.18%)

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VRSK

Verisk Analytics

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CMCO

Columbus McKinnon

$27.59

1.07 (4.03%)

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CLGX

CoreLogic

$37.89

-0.28 (-0.73%)

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  • 15

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MGP

MGM Growth

$24.60

-0.18 (-0.73%)

, GLPI

Gaming and Leisure Properties

$30.70

0.24 (0.79%)

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MGP

MGM Growth

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GLPI

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BYD

Boyd Gaming

$19.63

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ASX

Advanced Semiconductor

$5.38

0.11 (2.09%)

05:20
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Advanced Semiconductor reports Nov. revenue up 1.3% to $821M »

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ACIA

Acacia Communications

$70.14

1.08 (1.56%)

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Acacia Communications establishes EMEA-APAC headquarters in Limerick, Ireland »

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NVS

Novartis

$68.96

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WDC

Western Digital

$63.85

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F

Ford

$12.56

0.12 (0.96%)

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MU

Micron

$19.06

0.45 (2.42%)

05:15
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ESGR

Enstar Group

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TRUE

TrueCar

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TWI

Titan International

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ANET

Arista Networks

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, HPE

HP Enterprise

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ANET

Arista Networks

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HPE

HP Enterprise

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DPSGY

Deutsche Post

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0.015 (0.05%)

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DLLLY

Delta Lloyd

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SSREY

Swiss Re

$23.68

0.195 (0.83%)

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ZURVY

Zurich Insurance

$26.82

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AV

Aviva

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0.36 (3.13%)

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BHP

BHP Billiton

$38.34

-0.4 (-1.03%)

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  • 07

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