Arconic (NYSE:ARNC) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, MarketBeat reports. They presently have a $22.00 price objective on the basic materials company’s stock, down from their previous price objective of $24.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.55% from the company’s previous close.
ARNC has been the subject of several other reports. Longbow Research cut shares of Arconic from a “buy” rating to a “neutral” rating in a report on Monday, September 17th. They noted that the move was a valuation call. Jefferies Financial Group set a $25.00 price target on shares of Arconic and gave the stock a “buy” rating in a research note on Wednesday, October 31st. TheStreet upgraded shares of Arconic from a “d+” rating to a “c-” rating in a research note on Monday, October 15th. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research note on Thursday, January 3rd. Finally, Morgan Stanley set a $22.00 price target on Arconic and gave the company a “hold” rating in a report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Arconic has a consensus rating of “Hold” and an average target price of $22.79.
Shares of ARNC stock traded down $0.30 during trading on Monday, hitting $19.38. 1,079,586 shares of the company were exchanged, compared to its average volume of 5,194,539. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.16 and a current ratio of 2.03. The stock has a market cap of $9.43 billion, a P/E ratio of 15.88 and a beta of 1.37. Arconic has a twelve month low of $15.63 and a twelve month high of $31.17.
Arconic (NYSE:ARNC) last posted its quarterly earnings results on Tuesday, October 30th. The basic materials company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The business had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Arconic had a negative net margin of 2.19% and a positive return on equity of 12.94%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. Sell-side analysts predict that Arconic will post 1.31 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its holdings in Arconic by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 44,331,106 shares of the basic materials company’s stock worth $975,728,000 after purchasing an additional 653,470 shares during the last quarter. Canyon Capital Advisors LLC raised its holdings in Arconic by 17.9% during the 3rd quarter. Canyon Capital Advisors LLC now owns 8,500,768 shares of the basic materials company’s stock worth $187,102,000 after purchasing an additional 1,292,668 shares during the last quarter. Fairpointe Capital LLC raised its holdings in Arconic by 9.0% during the 2nd quarter. Fairpointe Capital LLC now owns 4,720,095 shares of the basic materials company’s stock worth $80,289,000 after purchasing an additional 388,647 shares during the last quarter. Morgan Stanley raised its holdings in Arconic by 134.9% during the 3rd quarter. Morgan Stanley now owns 3,406,246 shares of the basic materials company’s stock worth $74,972,000 after purchasing an additional 1,955,880 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its holdings in Arconic by 3.4% during the 3rd quarter. Douglas Lane & Associates LLC now owns 2,360,981 shares of the basic materials company’s stock worth $51,965,000 after purchasing an additional 78,291 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.
Arconic Company Profile
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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