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Arconic (NYSE:ARNC) Trading Down 4.4%

Financial News Live · Sep 16, 2022 08:32

Arconic Co. (NYSE:ARNC – Get Rating)'s stock price fell 4.4% during trading on Wednesday . The company traded as low as $25.06 and last traded at $25.15. 20,202 shares were traded during mid-day trading, a decline of 98% from the average session volume of 1,040,218 shares. The stock had previously closed at $26.30.

Analysts Set New Price Targets

Several analysts have recently issued reports on ARNC shares. Benchmark decreased their target price on shares of Arconic from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on Arconic from $34.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday. StockNews.com downgraded Arconic from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, The Goldman Sachs Group increased their price target on Arconic from $32.00 to $36.00 and gave the company a "neutral" rating in a report on Wednesday, June 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.40.

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Arconic Price Performance

The firm has a market capitalization of $2.18 billion, a PE ratio of 17.13 and a beta of 1.71. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.78 and a current ratio of 1.63. The stock has a fifty day moving average price of $27.40 and a 200-day moving average price of $26.91.

Arconic (NYSE:ARNC – Get Rating) last posted its earnings results on Tuesday, August 2nd. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.10). Arconic had a net margin of 1.53% and a return on equity of 9.28%. The company had revenue of $2.55 billion during the quarter, compared to analysts' expectations of $2.42 billion. During the same quarter last year, the firm earned ($0.05) EPS. Arconic's revenue for the quarter was up 41.5% on a year-over-year basis. Sell-side analysts forecast that Arconic Co. will post 2.81 EPS for the current fiscal year.

Insider Activity at Arconic

In other Arconic news, EVP Diana B. Perreiah sold 4,015 shares of Arconic stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $27.40, for a total value of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares of the company's stock, valued at $3,457,989.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arconic news, EVP Diana B. Perreiah sold 4,015 shares of the firm's stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.40, for a total value of $110,011.00. Following the completion of the sale, the executive vice president now owns 126,204 shares of the company's stock, valued at $3,457,989.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Melissa M. Miller sold 31,122 shares of the company's stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $880,130.16. Following the transaction, the executive vice president now owns 66,926 shares in the company, valued at approximately $1,892,667.28. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arconic

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of Arconic by 1.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 33,283 shares of the basic materials company's stock valued at $934,000 after purchasing an additional 537 shares during the period. Nisa Investment Advisors LLC increased its holdings in Arconic by 9.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,895 shares of the basic materials company's stock worth $193,000 after acquiring an additional 600 shares in the last quarter. SG Americas Securities LLC raised its position in Arconic by 2.9% during the second quarter. SG Americas Securities LLC now owns 21,910 shares of the basic materials company's stock worth $615,000 after acquiring an additional 619 shares during the period. Captrust Financial Advisors grew its position in shares of Arconic by 21.9% in the first quarter. Captrust Financial Advisors now owns 3,666 shares of the basic materials company's stock valued at $94,000 after purchasing an additional 659 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of Arconic by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 15,345 shares of the basic materials company's stock worth $393,000 after purchasing an additional 796 shares in the last quarter. 95.87% of the stock is owned by institutional investors and hedge funds.

Arconic Company Profile

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Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, the United Kingdom, and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions.