Arconic (NYSE:ARNC) received a $28.00 price target from stock analysts at Morgan Stanley in a report released on Friday. The brokerage presently has a “hold” rating on the basic materials company’s stock. Morgan Stanley’s target price suggests a potential upside of 12.77% from the stock’s current price.
A number of other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Arconic from a “sell” rating to a “hold” rating in a research report on Tuesday, December 26th. Wells Fargo & Co started coverage on shares of Arconic in a research report on Thursday, January 4th. They set an “outperform” rating and a $35.00 price target on the stock. Cowen restated a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Wednesday, January 3rd. Finally, Seaport Global Securities restated a “buy” rating and set a $33.00 price target on shares of Arconic in a research report on Monday, January 22nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $29.89.
Arconic (ARNC) traded up $0.29 on Friday, reaching $24.83. 678,863 shares of the company were exchanged, compared to its average volume of 4,310,913. The firm has a market capitalization of $11,910.00, a price-to-earnings ratio of -95.50, a PEG ratio of 0.82 and a beta of 0.93. Arconic has a 52-week low of $21.75 and a 52-week high of $31.17. 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 (NYSE:ARNC) last posted its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.07. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. Arconic’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. equities analysts anticipate that Arconic will post 1.5 EPS for the current year.
In other news, Director David P. Hess bought 40,300 shares of Arconic stock in a transaction on Thursday, February 8th. The shares were bought at an average cost of $24.80 per share, with a total value of $999,440.00. Following the completion of the purchase, the director now directly owns 127,870 shares of the company’s stock, valued at $3,171,176. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.12% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of ARNC. Savant Capital LLC raised its stake in shares of Arconic by 20.0% in the 4th quarter. Savant Capital LLC now owns 11,667 shares of the basic materials company’s stock valued at $318,000 after acquiring an additional 1,948 shares during the period. Meadow Creek Investment Management LLC raised its stake in shares of Arconic by 20.3% in the 4th quarter. Meadow Creek Investment Management LLC now owns 13,680 shares of the basic materials company’s stock valued at $373,000 after acquiring an additional 2,304 shares during the period. Andra AP fonden raised its stake in shares of Arconic by 2.0% in the 3rd quarter. Andra AP fonden now owns 127,900 shares of the basic materials company’s stock valued at $3,182,000 after acquiring an additional 2,500 shares during the period. ARK Investment Management LLC raised its stake in shares of Arconic by 11.2% in the 4th quarter. ARK Investment Management LLC now owns 27,553 shares of the basic materials company’s stock valued at $751,000 after acquiring an additional 2,786 shares during the period. Finally, Ray Gerald L & Associates Ltd. raised its stake in shares of Arconic by 10.5% in the 3rd quarter. Ray Gerald L & Associates Ltd. now owns 29,532 shares of the basic materials company’s stock valued at $735,000 after acquiring an additional 2,800 shares during the period. 74.85% of the stock is currently owned by institutional investors.
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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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