Arconic (NYSE:ARNC)‘s stock had its “hold” rating reiterated by analysts at Cowen in a research report issued on Wednesday. They presently have a $25.00 price target on the basic materials company’s stock. Cowen’s price target suggests a potential downside of 9.94% from the company’s current price.
A number of other research analysts have also weighed in on ARNC. Seaport Global Securities reiterated a “buy” rating and issued a $29.00 price objective (up from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. BidaskClub raised shares of Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Zacks Investment Research raised shares of Arconic from a “sell” rating to a “hold” rating in a report on Tuesday, December 26th. Morgan Stanley reissued a “hold” rating and issued a $27.00 price target on shares of Arconic in a report on Tuesday, October 24th. Finally, Deutsche Bank set a $31.00 price target on shares of Arconic and gave the company a “buy” rating in a report on Tuesday, October 24th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $28.75.
Shares of Arconic (NYSE:ARNC) traded up $0.51 during mid-day trading on Wednesday, hitting $27.76. 2,996,200 shares of the stock traded hands, compared to its average volume of 2,843,300. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.38 and a current ratio of 2.30. Arconic has a 12 month low of $18.64 and a 12 month high of $30.69. The stock has a market cap of $13,220.00, a price-to-earnings ratio of -12.91 and a beta of 0.85.
Several hedge funds have recently added to or reduced their stakes in ARNC. Vanguard Group Inc. increased its position in shares of Arconic by 2.7% during the second quarter. Vanguard Group Inc. now owns 42,988,420 shares of the basic materials company’s stock valued at $973,688,000 after buying an additional 1,111,404 shares during the period. Orbis Allan Gray Ltd boosted its stake in Arconic by 50.9% during the second 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 in the last quarter. Harris Associates L P boosted its stake in Arconic by 151.0% during the second 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 in the last quarter. Dimensional Fund Advisors LP boosted its stake in Arconic by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 6,137,495 shares of the basic materials company’s stock worth $152,744,000 after acquiring an additional 324,119 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Arconic by 9.0% during the first quarter. Geode Capital Management LLC now owns 4,323,347 shares of the basic materials company’s stock worth $113,717,000 after acquiring an additional 356,550 shares in the last quarter. Hedge funds and other institutional investors own 74.62% of the company’s stock.
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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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