Arconic (NYSE:ARNC) Coverage Initiated at Berenberg Bank

Berenberg Bank initiated coverage on shares of Arconic (NYSE:ARNC) in a research report sent to investors on Tuesday, BenzingaRatingsTable reports. The brokerage issued a buy rating on the basic materials company’s stock.

A number of other equities analysts also recently commented on the stock. Longbow Research downgraded shares of Arconic from a buy rating to a neutral rating in a research note on Thursday, July 18th. Morgan Stanley lifted their target price on shares of Arconic from $21.00 to $23.00 and gave the stock an equal weight rating in a research note on Wednesday, July 10th. ValuEngine downgraded shares of Arconic from a sell rating to a strong sell rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised shares of Arconic from a neutral rating to an overweight rating and set a $30.00 target price on the stock in a research note on Monday, October 7th. Finally, Jefferies Financial Group lifted their target price on shares of Arconic from $23.00 to $30.00 and gave the stock a buy rating in a research note on Monday, July 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $25.78.

Shares of ARNC stock opened at $26.45 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.66 and a quick ratio of 0.94. The firm’s 50-day moving average is $25.89 and its two-hundred day moving average is $23.73. Arconic has a 12 month low of $15.63 and a 12 month high of $27.41. The company has a market capitalization of $11.26 billion, a PE ratio of 15.42 and a beta of 1.48.

Arconic (NYSE:ARNC) last issued its earnings results on Friday, August 2nd. The basic materials company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. Arconic had a net margin of 3.13% and a return on equity of 15.38%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. Arconic’s quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that Arconic will post 2.06 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend is Thursday, November 7th. Arconic’s dividend payout ratio (DPR) is 5.88%.

In related news, Chairman John C. Plant purchased 30,463 shares of Arconic stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $24.13 per share, with a total value of $735,072.19. Following the purchase, the chairman now owns 28,282 shares of the company’s stock, valued at $682,444.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Timothy Donald Myers sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $25.33, for a total transaction of $253,300.00. Following the completion of the sale, the insider now directly owns 23,759 shares in the company, valued at $601,815.47. The disclosure for this sale can be found here. Insiders sold a total of 7,205,556 shares of company stock worth $179,707,601 over the last three months. Insiders own 0.14% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. First Pacific Advisors LP raised its stake in shares of Arconic by 0.5% in the 1st quarter. First Pacific Advisors LP now owns 26,330,018 shares of the basic materials company’s stock valued at $503,167,000 after acquiring an additional 141,567 shares during the period. Prudential Financial Inc. raised its stake in shares of Arconic by 91.1% in the 2nd quarter. Prudential Financial Inc. now owns 7,138,305 shares of the basic materials company’s stock valued at $184,311,000 after acquiring an additional 3,402,531 shares during the period. Northern Trust Corp raised its stake in shares of Arconic by 1.7% in the 1st quarter. Northern Trust Corp now owns 4,725,873 shares of the basic materials company’s stock valued at $90,312,000 after acquiring an additional 80,252 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of Arconic in the 2nd quarter valued at approximately $85,215,000. Finally, LSV Asset Management purchased a new stake in shares of Arconic in the 2nd quarter valued at approximately $72,241,000. 82.52% of the stock is currently owned by institutional investors and hedge funds.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

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Analyst Recommendations for Arconic (NYSE:ARNC)

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