Arconic (NYSE:ARNC) was downgraded by stock analysts at TheStreet from a “c-” rating to a “d+” rating in a report issued on Tuesday, May 29th.
A number of other brokerages have also commented on ARNC. ValuEngine lowered Arconic from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. Morgan Stanley restated a “hold” rating and issued a $28.00 price target (down from $30.00) on shares of Arconic in a report on Friday, February 23rd. Barclays started coverage on Arconic in a report on Thursday, March 29th. They issued an “equal weight” rating and a $26.00 price target on the stock. Wells Fargo & Co restated an “outperform” rating and issued a $25.00 price target (down from $32.00) on shares of Arconic in a report on Tuesday, May 1st. Finally, Zacks Investment Research lowered Arconic from a “hold” rating to a “sell” rating in a report on Tuesday, March 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $27.00.
Arconic opened at $18.00 on Tuesday, MarketBeat reports. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.16 and a current ratio of 2.10. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 0.73 and a beta of 1.16. Arconic has a 1-year low of $16.66 and a 1-year high of $31.17.
Arconic (NYSE:ARNC) last posted its earnings results on Monday, April 30th. The basic materials company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.34 billion. Arconic had a positive return on equity of 11.40% and a negative net margin of 1.91%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. analysts predict that Arconic will post 1.24 earnings per share for the current year.
In other news, Director Ulrich Schmidt bought 2,000 shares of the firm’s stock in a transaction dated Thursday, May 3rd. The shares were bought at an average price of $16.75 per share, with a total value of $33,500.00. Following the completion of the transaction, the director now owns 12,854 shares of the company’s stock, valued at $215,304.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder International L.P. Elliott bought 544,000 shares of the firm’s stock in a transaction dated Tuesday, May 15th. The stock was purchased at an average cost of $17.96 per share, for a total transaction of $9,770,240.00. Following the transaction, the insider now directly owns 35,293,450 shares of the company’s stock, valued at approximately $633,870,362. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Boston Partners boosted its stake in shares of Arconic by 1,685.7% in the first quarter. Boston Partners now owns 16,387,592 shares of the basic materials company’s stock valued at $377,570,000 after buying an additional 15,469,867 shares during the period. Orbis Allan Gray Ltd boosted its stake in shares of Arconic by 16.1% in the fourth quarter. Orbis Allan Gray Ltd now owns 31,272,728 shares of the basic materials company’s stock valued at $852,181,000 after buying an additional 4,336,993 shares during the period. Canyon Capital Advisors LLC bought a new stake in shares of Arconic in the fourth quarter valued at approximately $102,266,000. BlackRock Inc. boosted its stake in shares of Arconic by 6.5% in the fourth quarter. BlackRock Inc. now owns 32,715,258 shares of the basic materials company’s stock valued at $891,490,000 after buying an additional 2,002,712 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Arconic by 21.6% in the fourth quarter. Wells Fargo & Company MN now owns 7,787,687 shares of the basic materials company’s stock valued at $212,215,000 after buying an additional 1,385,628 shares during the period. 83.56% of the stock is currently owned by institutional investors.
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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