Arconic Inc (ARNC) Announces Earnings Results, Misses Expectations By $0.02 EPS
Arconic Inc (NASDAQ:ARNC) released its earnings results on Monday. The basic materials company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02), Bloomberg Earnings reports. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company’s revenue was up 3.1% on a year-over-year basis. Arconic updated its FY17 guidance to $1.15-1.20 EPS.
Shares of Arconic (ARNC) opened at 27.17 on Monday. 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 $26.10 and its 200 day moving average is $25.89. The firm’s market capitalization is $11.98 billion.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.88%. The ex-dividend date is Thursday, November 2nd.
ARNC has been the subject of a number of recent analyst reports. BidaskClub upgraded shares of Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Arconic in a research note on Tuesday, June 27th. Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Tuesday, August 22nd. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Tuesday, September 12th. Finally, Vetr cut shares of Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 target price for the company. in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Arconic has an average rating of “Hold” and an average price target of $27.36.
In related news, Director Elmer L. Doty purchased 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average cost of $24.51 per share, with a total value of $147,060.00. Following the completion of the acquisition, the director now directly owns 4,409 shares in the company, valued at $108,064.59. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James F. Albaugh purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were bought at an average cost of $24.94 per share, with a total value of $124,700.00. Following the completion of the acquisition, the director now owns 9,409 shares of the company’s stock, valued at $234,660.46. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 26,000 shares of company stock valued at $640,310.
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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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