Arconic’s (ARNC) Buy Rating Reaffirmed at Seaport Global Securities

Arconic (NYSE:ARNC)‘s stock had its “buy” rating reaffirmed by Seaport Global Securities in a research report issued to clients and investors on Monday. They currently have a $33.00 price target on the basic materials company’s stock. Seaport Global Securities’ target price suggests a potential upside of 9.20% from the stock’s current price.

Other analysts have also issued reports about the company. Vetr upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.97 price objective for the company in a research report on Tuesday, October 17th. Deutsche Bank set a $31.00 price objective on Arconic and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Morgan Stanley reiterated a “hold” rating and issued a $27.00 price objective on shares of Arconic in a research report on Tuesday, October 24th. Cowen reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research report on Thursday, October 19th. Finally, Zacks Investment Research lowered Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $29.89.

Shares of Arconic (NYSE:ARNC) traded down $0.13 during mid-day trading on Monday, reaching $30.22. The company had a trading volume of 4,542,100 shares, compared to its average volume of 3,857,900. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.38 and a current ratio of 2.30. The firm has a market capitalization of $14,620.00, a price-to-earnings ratio of -14.06, a price-to-earnings-growth ratio of 0.99 and a beta of 0.85. Arconic has a 1 year low of $21.09 and a 1 year high of $31.17.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). The firm had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. analysts expect that Arconic will post 1.15 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its holdings in Arconic by 74.5% during the third quarter. Janus Henderson Group PLC now owns 143,645 shares of the basic materials company’s stock worth $3,574,000 after buying an additional 61,340 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Arconic by 41.2% during the third quarter. Nordea Investment Management AB now owns 146,279 shares of the basic materials company’s stock worth $3,639,000 after buying an additional 42,702 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in Arconic by 15.2% during the second quarter. Dynamic Technology Lab Private Ltd now owns 22,322 shares of the basic materials company’s stock worth $506,000 after buying an additional 2,949 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Arconic by 24.6% during the second quarter. Toronto Dominion Bank now owns 150,125 shares of the basic materials company’s stock worth $3,399,000 after buying an additional 29,635 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Arconic by 7.5% during the third quarter. Cubist Systematic Strategies LLC now owns 121,200 shares of the basic materials company’s stock worth $3,015,000 after buying an additional 8,501 shares during the last quarter. Hedge funds and other institutional investors own 74.72% 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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