Arconic Inc (NYSE:ARNC) – Investment analysts at Seaport Global Securities lifted their Q4 2018 EPS estimates for shares of Arconic in a report released on Tuesday, October 30th. Seaport Global Securities analyst J. Sullivan now forecasts that the basic materials company will post earnings per share of $0.29 for the quarter, up from their previous estimate of $0.27. Seaport Global Securities has a “Buy” rating on the stock.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Arconic from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 11th. TheStreet upgraded Arconic from a “d+” rating to a “c-” rating in a report on Monday, October 15th. Jefferies Financial Group set a $25.00 price target on Arconic and gave the stock a “buy” rating in a report on Wednesday, August 1st. Cowen restated a “hold” rating and set a $15.00 price target on shares of Arconic in a report on Tuesday, July 31st. Finally, Morgan Stanley set a $20.00 price target on Arconic and gave the stock a “hold” rating in a report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $24.20.
Arconic stock opened at $21.16 on Friday. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 0.81 and a beta of 1.22. Arconic has a 52-week low of $16.47 and a 52-week high of $31.17. The company has a current ratio of 2.03, a quick ratio of 1.15 and a debt-to-equity ratio of 1.19.
Arconic (NYSE:ARNC) last posted its quarterly earnings results on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Arconic had a positive return on equity of 12.94% and a negative net margin of 2.19%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.25 EPS.
Several institutional investors and hedge funds have recently modified their holdings of ARNC. Renaissance Technologies LLC lifted its holdings in shares of Arconic by 460.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,247,400 shares of the basic materials company’s stock worth $38,228,000 after purchasing an additional 1,846,700 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Arconic by 4.7% in the 2nd quarter. BlackRock Inc. now owns 35,321,536 shares of the basic materials company’s stock worth $600,819,000 after purchasing an additional 1,585,480 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Arconic by 30.1% in the 1st quarter. Allianz Asset Management GmbH now owns 2,416,570 shares of the basic materials company’s stock worth $55,678,000 after purchasing an additional 559,644 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Arconic by 126.7% in the 2nd quarter. Bank of Nova Scotia now owns 970,363 shares of the basic materials company’s stock worth $16,506,000 after purchasing an additional 542,252 shares in the last quarter. Finally, DnB Asset Management AS lifted its stake in Arconic by 699.3% during the 2nd quarter. DnB Asset Management AS now owns 504,298 shares of the basic materials company’s stock valued at $8,578,000 after acquiring an additional 441,207 shares in the last quarter. Institutional investors own 82.95% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Sunday, November 25th. Investors of record on Friday, November 2nd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Thursday, November 1st. Arconic’s dividend payout ratio is currently 19.67%.
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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