Arconic (NYSE:ARNC) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, April 2nd.
ARNC has been the subject of a number of other reports. Zacks Investment Research raised Arconic from a “sell” rating to a “hold” rating in a report on Tuesday, December 26th. Goldman Sachs initiated coverage on Arconic in a report on Tuesday, March 20th. They set a “neutral” rating and a $28.00 price target for the company. Barclays initiated coverage on Arconic in a report on Thursday, March 29th. They set an “equal weight” rating and a $26.00 price target for the company. Morgan Stanley reissued a “hold” rating and issued a $28.00 target price (down from $30.00) on shares of Arconic in a research note on Friday, February 23rd. Finally, Wells Fargo initiated coverage on Arconic in a research note on Thursday, January 4th. They issued an “outperform” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Arconic has a consensus rating of “Hold” and an average target price of $29.27.
NYSE:ARNC traded up $0.19 during mid-day trading on Monday, hitting $23.75. 1,732,277 shares of the company’s stock traded hands, compared to its average volume of 3,828,184. The company has a quick ratio of 1.38, a current ratio of 2.26 and a debt-to-equity ratio of 1.40. Arconic has a 12 month low of $21.75 and a 12 month high of $31.17. The company has a market cap of $11,214.80, a price-to-earnings ratio of 19.31, a PEG ratio of 0.78 and a beta of 1.13.
Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, February 5th. The basic materials company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.07. Arconic had a positive return on equity of 11.29% and a negative net margin of 0.57%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company earned $0.12 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. analysts anticipate that Arconic will post 1.49 EPS for the current year.
In other news, Director David P. Hess acquired 40,300 shares of Arconic stock in a transaction dated Thursday, February 8th. The stock was bought at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the acquisition, the director now directly owns 127,870 shares in the company, valued at approximately $3,171,176. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.17% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the stock. Savant Capital LLC boosted its stake in shares of Arconic by 20.0% in the fourth quarter. Savant Capital LLC now owns 11,667 shares of the basic materials company’s stock valued at $318,000 after buying an additional 1,948 shares during the period. Meadow Creek Investment Management LLC lifted its stake in Arconic by 20.3% during the fourth quarter. Meadow Creek Investment Management LLC now owns 13,680 shares of the basic materials company’s stock worth $373,000 after purchasing an additional 2,304 shares during the last quarter. ARK Investment Management LLC lifted its stake in Arconic by 11.2% during the fourth quarter. ARK Investment Management LLC now owns 27,553 shares of the basic materials company’s stock worth $751,000 after purchasing an additional 2,786 shares during the last quarter. Aperio Group LLC increased its holdings in shares of Arconic by 2.9% during the fourth quarter. Aperio Group LLC now owns 106,288 shares of the basic materials company’s stock worth $2,896,000 after buying an additional 2,972 shares in the last quarter. Finally, AMP Capital Investors Ltd increased its holdings in shares of Arconic by 2.9% during the fourth quarter. AMP Capital Investors Ltd now owns 122,586 shares of the basic materials company’s stock worth $3,342,000 after buying an additional 3,398 shares in the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
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Arconic Company Profile
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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