Deutsche Bank AG set a $31.00 price target on Arconic Inc (NASDAQ:ARNC) in a research note published on Tuesday, October 24th. The firm currently has a buy rating on the basic materials company’s stock.
Several other brokerages also recently issued reports on ARNC. Morgan Stanley restated a hold rating and set a $27.00 price objective on shares of Arconic in a research report on Tuesday, October 24th. BidaskClub upgraded shares of Arconic from a sell rating to a hold rating in a research report on Friday, September 22nd. J P Morgan Chase & Co reiterated a neutral rating on shares of Arconic in a research report on Tuesday, June 27th. Longbow Research upgraded shares of Arconic from a neutral rating to a buy rating and set a $34.00 price target for the company in a research report on Tuesday, August 22nd. Finally, Zacks Investment Research upgraded shares of Arconic from a hold rating to a buy rating and set a $27.00 price target for the company in a research report on Tuesday, September 12th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $28.33.
Arconic (NASDAQ ARNC) opened at $24.24 on Tuesday. Arconic has a 1-year low of $18.31 and a 1-year high of $30.69.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The business had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.09 billion. Arconic had a return on equity of 7.07% and a net margin of 3.68%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year.
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The business also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.99%. Arconic’s payout ratio is presently -11.21%.
In related news, Director Patricia F. Russo bought 15,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $24.57 per share, with a total value of $368,550.00. Following the completion of the purchase, the director now owns 7,928 shares in the company, valued at approximately $194,790.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.
Several institutional investors have recently modified their holdings of the stock. Zeke Capital Advisors LLC bought a new stake in shares of Arconic in the third quarter worth $255,000. Oskie Capital Management LLC grew its stake in shares of Arconic by 11.3% in the third quarter. Oskie Capital Management LLC now owns 93,698 shares of the basic materials company’s stock worth $2,331,000 after purchasing an additional 9,500 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Arconic by 41.2% in the third quarter. Nordea Investment Management AB now owns 146,279 shares of the basic materials company’s stock worth $3,639,000 after purchasing an additional 42,702 shares during the last quarter. LMR Partners LLP grew its stake in shares of Arconic by 1,508.5% in the third quarter. LMR Partners LLP now owns 265,543 shares of the basic materials company’s stock worth $6,607,000 after purchasing an additional 249,034 shares during the last quarter. Finally, ING Groep NV bought a new stake in shares of Arconic in the third quarter worth $835,000.
Arconic Company Profile
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.
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