Arconic (NYSE:ARNC – Get Rating) had its price target lowered by Benchmark from $40.00 to $35.00 in a research note issued to investors on Thursday, The Fly reports. Benchmark currently has a buy rating on the basic materials company's stock.
Other analysts have also recently issued reports about the company. The Goldman Sachs Group raised their target price on Arconic from $32.00 to $36.00 and gave the company a neutral rating in a research report on Wednesday, June 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Arconic from $34.00 to $29.00 and set a buy rating on the stock in a research report on Thursday. Finally, StockNews.com upgraded Arconic from a hold rating to a buy rating in a research report on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $36.40.
Get Arconic alerts:Arconic Trading Down 4.8 %
NYSE:ARNC opened at $20.22 on Thursday. The company has a quick ratio of 0.78, a current ratio of 1.63 and a debt-to-equity ratio of 0.88. The business's 50 day moving average is $27.25 and its two-hundred day moving average is $26.85. Arconic has a 52 week low of $19.80 and a 52 week high of $35.74. The company has a market cap of $2.08 billion, a PE ratio of 16.31 and a beta of 1.71.
Arconic (NYSE:ARNC – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The basic materials company reported $0.62 earnings per share for the quarter, missing analysts' consensus estimates of $0.72 by ($0.10). The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.42 billion. Arconic had a return on equity of 9.28% and a net margin of 1.53%. The firm's revenue for the quarter was up 41.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share.Insider Transactions at Arconic
In other news, EVP Melissa M. Miller sold 31,122 shares of the firm's stock in a transaction on Monday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $880,130.16. Following the completion of the sale, the executive vice president now directly owns 66,926 shares of the company's stock, valued at approximately $1,892,667.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Melissa M. Miller sold 31,122 shares of the firm's stock in a transaction on Monday, August 8th. The stock was sold at an average price of $28.28, for a total value of $880,130.16. Following the completion of the sale, the executive vice president now owns 66,926 shares of the company's stock, valued at $1,892,667.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Diana B. Perreiah sold 4,015 shares of the firm's stock in a transaction on 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 directly owns 126,204 shares of the company's stock, valued at approximately $3,457,989.60. The disclosure for this sale can be found here. Corporate insiders own 0.79% of the company's stock.
Institutional Trading of Arconic
Several hedge funds and other institutional investors have recently modified their holdings of the business. Quent Capital LLC acquired a new stake in Arconic during the fourth quarter valued at $41,000. EverSource Wealth Advisors LLC boosted its position in Arconic by 319.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,249 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 951 shares during the last quarter. Tompkins Financial Corp acquired a new stake in Arconic during the first quarter valued at $39,000. Captrust Financial Advisors boosted its position in Arconic by 21.9% during 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 last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in Arconic during the second quarter valued at $120,000. Institutional investors and hedge funds own 95.87% of the company's stock.
About Arconic
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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.
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