Arconic (NYSE:ARNC) had its price objective raised by Morgan Stanley from $21.00 to $23.00 in a research note issued to investors on Wednesday morning, Stock Target Advisor reports. They currently have an equal weight rating on the basic materials company’s stock.
ARNC has been the subject of a number of other reports. Zacks Investment Research lowered shares of Guardant Health from a hold rating to a sell rating in a research report on Monday, March 18th. Goldman Sachs Group set a €14.15 ($16.45) price target on shares of Assicurazioni Generali and gave the company a sell rating in a research report on Thursday, May 2nd. ValuEngine lowered shares of China Southern Airlines from a hold rating to a sell rating in a research report on Monday, April 29th. Cowen restated a hold rating and set a $103.00 price target on shares of United Therapeutics in a research report on Wednesday, May 1st. Finally, Jefferies Financial Group reduced their price target on shares of Seres Therapeutics from $6.00 to $4.00 and set a hold rating for the company in a research report on Monday, July 1st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Arconic currently has an average rating of Buy and a consensus target price of $23.47.
Shares of ARNC stock opened at $26.00 on Wednesday. The firm’s fifty day simple moving average is $23.96. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.65 and a quick ratio of 0.94. Arconic has a 1 year low of $15.63 and a 1 year high of $26.40. The company has a market cap of $11.54 billion, a PE ratio of 19.12 and a beta of 1.46.
Arconic (NYSE:ARNC) last issued its earnings results on Tuesday, April 30th. The basic materials company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Arconic had a net margin of 4.86% and a return on equity of 13.53%. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, analysts forecast that Arconic will post 1.87 EPS for the current fiscal year.
In other Arconic news, CEO John C. Plant purchased 50,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was acquired at an average cost of $22.14 per share, for a total transaction of $1,107,000.00. Following the completion of the transaction, the chief executive officer now directly owns 28,282 shares in the company, valued at approximately $626,163.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rajiv Gupta purchased 22,603 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average price of $22.10 per share, with a total value of $499,526.30. Following the completion of the transaction, the director now owns 38,420 shares of the company’s stock, valued at $849,082. The disclosure for this purchase can be found here. 0.14% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of ARNC. FMR LLC raised its stake in shares of Arconic by 6,482.8% during the fourth quarter. FMR LLC now owns 4,526,809 shares of the basic materials company’s stock valued at $76,322,000 after acquiring an additional 4,458,042 shares during the last quarter. Norges Bank bought a new position in shares of Arconic during the fourth quarter valued at about $42,750,000. Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of Arconic during the first quarter valued at about $20,767,000. Canyon Capital Advisors LLC raised its stake in shares of Arconic by 11.4% during the fourth quarter. Canyon Capital Advisors LLC now owns 9,466,073 shares of the basic materials company’s stock valued at $159,598,000 after acquiring an additional 965,305 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Arconic by 28.9% during the first quarter. State of New Jersey Common Pension Fund D now owns 2,900,000 shares of the basic materials company’s stock valued at $55,419,000 after acquiring an additional 650,000 shares during the last quarter. 83.80% of the stock is owned by hedge funds and other institutional investors.
Arconic Company Profile
Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
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