Arconic Inc (ARNC) Updates FY17 Earnings Guidance
Arconic Inc (NASDAQ:ARNC) issued an update on its FY17 earnings guidance on Monday morning. The company provided earnings per share guidance of $1.15-1.20 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.18. The company issued revenue guidance of $12.6-12.8 billion, compared to the consensus revenue estimate of $12.51 billion.
Arconic Inc (NASDAQ ARNC) opened at 27.17 on Monday. The company’s 50 day moving average is $26.10 and its 200 day moving average is $25.89. The stock’s market cap is $11.98 billion. Arconic Inc has a 12 month low of $16.75 and a 12 month high of $30.69.
Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The business had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The business’s revenue was up 3.1% compared to the same quarter last year. On average, analysts anticipate that Arconic Inc 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. Stockholders of record on Friday, November 3rd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.88%.
A number of brokerages have recently issued reports on ARNC. Cowen and Company restated a hold rating and set a $25.00 target price on shares of Arconic in a research report on Monday, June 26th. Seaport Global Securities upgraded shares of Arconic from a neutral rating to a buy rating and set a $27.00 target price on the stock in a research report on Thursday, July 13th. J P Morgan Chase & Co upgraded shares of Arconic from a neutral rating to an overweight rating and lowered their target price for the stock from $30.00 to $29.00 in a research report on Monday, July 10th. Vetr lowered shares of Arconic from a strong-buy rating to a buy rating and set a $28.78 target price on the stock. in a research report on Tuesday, July 25th. Finally, Morgan Stanley restated an equal weight rating on shares of Arconic in a research report on Friday, June 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The company currently 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.
ILLEGAL ACTIVITY WARNING: “Arconic Inc (ARNC) Updates FY17 Earnings Guidance” was first published by American Banking News and is the property of of American Banking News. If you are accessing this story on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this story can be read at https://www.americanbankingnews.com/2017/10/23/arconic-inc-arnc-updates-fy17-earnings-guidance.html.
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.