Zacks: Brokerages Anticipate Arconic Inc (ARNC) Will Announce Quarterly Sales of $3.09 Billion
Equities analysts forecast that Arconic Inc (NASDAQ:ARNC) will announce sales of $3.09 billion for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Arconic’s earnings, with estimates ranging from $3.08 billion to $3.11 billion. Arconic posted sales of $5.21 billion in the same quarter last year, which would indicate a negative year over year growth rate of 40.7%. The company is expected to report its next earnings results after the market closes on Monday, October 23rd.
On average, analysts expect that Arconic will report full year sales of $3.09 billion for the current financial year, with estimates ranging from $12.40 billion to $12.53 billion. For the next year, analysts expect that the firm will post sales of $12.95 billion per share, with estimates ranging from $12.48 billion to $13.58 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Arconic.
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 Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.18 billion. Arconic’s quarterly revenue was up .8% on a year-over-year basis.
A number of equities research analysts recently commented on ARNC shares. Vetr cut shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price objective on the stock. in a research note on Monday, May 15th. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 price target on shares of Arconic in a research note on Tuesday, June 13th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Tuesday, June 20th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research note on Saturday, June 24th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $25.00 price target on shares of Arconic in a research note on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $27.53.
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Arconic (NASDAQ:ARNC) opened at 24.26 on Friday. The stock’s market capitalization is $10.70 billion. Arconic has a 52 week low of $16.75 and a 52 week high of $30.69. The firm’s 50-day moving average is $24.97 and its 200-day moving average is $26.17.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, August 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.99%.
In related news, Director Patricia F. Russo acquired 15,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were acquired at an average cost of $24.57 per share, for a total transaction of $368,550.00. Following the acquisition, the director now directly 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 accessible through this hyperlink. Also, Director Elmer L. Doty acquired 6,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were bought at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the acquisition, the director now owns 4,409 shares in the company, valued at $108,064.59. The disclosure for this purchase can be found here. Insiders have acquired a total of 26,000 shares of company stock worth $640,310 over the last ninety days.
Several hedge funds have recently made changes to their positions in ARNC. Harris Associates L P lifted its holdings in shares of Arconic by 151.0% during the 2nd quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after acquiring an additional 8,084,588 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of Arconic by 50.9% during the 2nd quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock worth $517,132,000 after acquiring an additional 7,696,839 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Arconic by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock worth $1,103,040,000 after acquiring an additional 1,559,763 shares during the period. Permian Investment Partners LP purchased a new position in shares of Arconic during the 2nd quarter worth about $34,975,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Arconic by 33.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock worth $131,682,000 after acquiring an additional 1,468,173 shares during the period.
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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