Arconic Inc (ARNC) Receives Average Rating of “Buy” from Brokerages
Shares of Arconic Inc (NASDAQ:ARNC) have been assigned an average recommendation of “Buy” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $26.63.
ARNC has been the subject of several research reports. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research note on Tuesday, June 13th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Zacks Investment Research raised 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. Seaport Global Securities reaffirmed a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. Finally, Vetr cut Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price target on the stock. in a report on Tuesday, July 25th.
Shares of Arconic (NASDAQ ARNC) traded up 2.45% during midday trading on Wednesday, reaching $26.77. 3,888,120 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $25.35 and its 200 day moving average price is $25.84. The firm’s market capitalization is $11.81 billion. Arconic has a 52-week low of $16.75 and a 52-week high of $30.69.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings data 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. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities research analysts anticipate that Arconic will post $1.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, November 2nd.
In related news, Director Patricia F. Russo purchased 15,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was bought at an average cost of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now directly owns 7,928 shares in the company, valued at approximately $194,790.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elmer L. Doty purchased 6,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was bought at an average cost of $24.51 per share, with a total value of $147,060.00. Following the completion of the purchase, 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 bought a total of 26,000 shares of company stock worth $640,310 over the last 90 days.
A number of institutional investors have recently added to or reduced their stakes in ARNC. Fiduciary Trust Co. acquired a new position in Arconic during the second quarter valued at approximately $111,000. Capstone Investment Advisors Netherlands B.V. increased its stake in Arconic by 47.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,604 shares in the last quarter. BRYN MAWR TRUST Co bought a new stake in Arconic in the second quarter valued at approximately $214,000. Wayne Hummer Investments L.L.C. increased its stake in Arconic by 8.2% in the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 732 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Arconic by 8.4% in the second quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 751 shares in the last quarter.
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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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