StockNews.com upgraded shares of Arconic (NYSE:ARNC – Get Rating) from a hold rating to a buy rating in a research report released on Monday morning.
Several other brokerages also recently commented on ARNC. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Arconic from $34.00 to $29.00 and set a buy rating for the company in a research report on Thursday, September 15th. Benchmark lowered their price objective on shares of Arconic from $40.00 to $35.00 and set a buy rating for the company in a research report on Thursday, September 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of Arconic from $32.00 to $36.00 and gave the company a neutral rating in a research report on Wednesday, June 8th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Arconic presently has a consensus rating of Moderate Buy and a consensus price target of $36.40.
Get Arconic alerts:Arconic Trading Down 6.0 %
Shares of NYSE:ARNC opened at $17.00 on Monday. Arconic has a 12-month low of $16.94 and a 12-month high of $35.74. The stock has a market cap of $1.75 billion, a PE ratio of 13.71 and a beta of 1.71. The business has a 50 day moving average of $26.14 and a 200-day moving average of $26.60. The company has a quick ratio of 0.78, a current ratio of 1.63 and a debt-to-equity ratio of 0.88.
Arconic (NYSE:ARNC – Get Rating) last issued its quarterly 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). The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.42 billion. Arconic had a net margin of 1.53% and a return on equity of 9.28%. The company's quarterly revenue was up 41.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) earnings per share.Insider Buying and Selling
In related news, EVP Diana B. Perreiah sold 4,015 shares of the company's stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.40, for a total value of $110,011.00. Following the sale, the executive vice president now owns 126,204 shares in the company, valued at approximately $3,457,989.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arconic news, EVP Melissa M. Miller sold 31,122 shares of the stock in a transaction dated Monday, August 8th. The shares were 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 in the company, valued at approximately $1,892,667.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Diana B. Perreiah sold 4,015 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.40, for a total transaction 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 approximately $3,457,989.60. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Arconic
Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its position in shares of Arconic by 319.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,249 shares of the basic materials company's stock valued at $35,000 after buying an additional 951 shares in the last quarter. Tompkins Financial Corp purchased a new position in shares of Arconic in the first quarter valued at about $39,000. Quent Capital LLC purchased a new position in shares of Arconic in the fourth quarter valued at about $41,000. M&T Bank Corp purchased a new position in shares of Arconic in the second quarter valued at about $49,000. Finally, Captrust Financial Advisors boosted its stake in shares of Arconic by 21.9% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 95.87% of the company's stock.
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.
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