Arconic Inc (ARNC) Receives Consensus Rating of “Buy” from Brokerages
Arconic Inc (NASDAQ:ARNC) has been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $25.71.
ARNC has been the subject of several recent research reports. J P Morgan Chase & Co began coverage on shares of Arconic in a research note on Tuesday, April 18th. They issued a “neutral” rating and a $29.00 price target for the company. Deutsche Bank AG reaffirmed a “buy” rating and set a $32.00 price objective on shares of Arconic in a research note on Wednesday, April 19th. Zacks Investment Research downgraded shares of Arconic from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Vetr downgraded shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 price objective for the company. in a research note on Tuesday, April 25th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 price objective on shares of Arconic in a research note on Tuesday, June 13th.
Shares of Arconic (NASDAQ ARNC) traded up 0.77% during mid-day trading on Tuesday, reaching $24.75. The company’s stock had a trading volume of 3,071,251 shares. Arconic has a 12 month low of $16.75 and a 12 month high of $30.69. The company’s 50-day moving average is $24.33 and its 200 day moving average is $26.39. The firm’s market cap is $10.92 billion.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.06. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. Arconic’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts anticipate that Arconic will post $1.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Wednesday, August 2nd.
In related news, Director Patrice E. Merrin purchased 10,000 shares of Arconic stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $135,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher L. Ayers purchased 7,325 shares of Arconic stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $27.31 per share, for a total transaction of $200,045.75. Following the transaction, the director now directly owns 7,425 shares of the company’s stock, valued at $202,776.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 28,325 shares of company stock valued at $743,506.
Institutional investors have recently made changes to their positions in the stock. Credit Agricole S A boosted its position in shares of Arconic by 5.5% in the first quarter. Credit Agricole S A now owns 891,714 shares of the basic materials company’s stock valued at $23,488,000 after buying an additional 46,261 shares in the last quarter. Oxford Asset Management bought a new position in shares of Arconic during the first quarter valued at about $1,737,000. Gluskin Sheff & Assoc Inc. bought a new position in shares of Arconic during the first quarter valued at about $22,190,000. Vanguard Group Inc. boosted its position in shares of Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock valued at $1,103,040,000 after buying an additional 1,559,763 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Arconic by 8.0% in the first quarter. Clearbridge Investments LLC now owns 15,819 shares of the basic materials company’s stock valued at $417,000 after buying an additional 1,167 shares in the last quarter.
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.
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.