Shares of Arconic Inc (NASDAQ:ARNC) have been given a consensus rating of “Buy” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $26.75.
A number of brokerages have recently issued reports on ARNC. Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Tuesday, August 22nd. Vetr upgraded shares of Arconic to a “strong-buy” rating in a research report on Thursday, July 27th. 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 reduced their target price for the stock from $30.00 to $29.00 in a research report on Monday, July 10th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Arconic in a research note on Friday, June 30th.
Arconic (ARNC) traded up 0.66% on Friday, hitting $24.42. 4,176,900 shares of the company were exchanged. The firm’s market cap is $10.77 billion. The stock has a 50 day moving average price of $24.96 and a 200 day moving average price of $26.15. Arconic has a one year low of $16.75 and a one year high of $30.69.
Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts forecast that Arconic will post $1.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.98%. The ex-dividend date was Wednesday, August 2nd.
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In related news, Director Elmer L. Doty acquired 6,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $24.51 per share, with a total value of $147,060.00. Following the completion of the transaction, the director now directly owns 4,409 shares of the company’s stock, valued at $108,064.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Patricia F. Russo acquired 15,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were bought at an average cost of $24.57 per share, with a total value of $368,550.00. Following the transaction, the director now directly owns 7,928 shares of the company’s stock, valued at $194,790.96. The disclosure for this purchase can be found here. Insiders acquired 26,000 shares of company stock valued at $640,310 in the last ninety days.
A number of institutional investors and hedge funds have recently made changes to their positions in ARNC. Fiduciary Trust Co. acquired a new position in Arconic during the second quarter worth $111,000. Capstone Investment Advisors Netherlands B.V. boosted its holdings in Arconic by 47.9% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 1,604 shares during the last quarter. BRYN MAWR TRUST Co acquired a new position in Arconic during the second quarter worth $214,000. Wayne Hummer Investments L.L.C. boosted its holdings in Arconic by 8.2% during the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after purchasing an additional 732 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Arconic by 8.4% during the second quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock worth $220,000 after purchasing an additional 751 shares during the last quarter.
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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