Arconic (ARNC) Given Hold Rating at Cowen

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.

Arconic (NYSE:ARNC) last released its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The business had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. equities research analysts anticipate that Arconic will post 1.17 earnings per share for the current fiscal year.

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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About Arconic

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.

Analyst Recommendations for Arconic (NYSE:ARNC)

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