$3.06 Billion in Sales Expected for Arconic Inc. (ARNC) This Quarter
Equities research analysts expect Arconic Inc. (NYSE:ARNC) to announce $3.06 billion in sales for the current quarter, according to Zacks. Two analysts have made estimates for Arconic’s earnings. The lowest sales estimate is $3.01 billion and the highest is $3.11 billion. Arconic posted sales of $2.97 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 3%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, January 30th.
On average, analysts expect that Arconic will report full year sales of $3.06 billion for the current fiscal year, with estimates ranging from $12.69 billion to $12.80 billion. For the next financial year, analysts forecast that the business will post sales of $13.02 billion per share, with estimates ranging from $12.72 billion to $13.29 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Arconic.
Arconic (NYSE:ARNC) last released its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year.
A number of brokerages recently commented on ARNC. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Tuesday, September 12th. Seaport Global Securities restated a “buy” rating and set a $29.00 price target (up from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. Vetr upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $27.97 price target on the stock in a research note on Tuesday, October 17th. Deutsche Bank set a $31.00 price target on shares of Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Morgan Stanley restated a “hold” rating and set a $27.00 price target on shares of Arconic in a research note on Tuesday, October 24th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $28.75.
Large investors have recently modified their holdings of the company. Fiduciary Trust Co. bought a new position in shares of Arconic in the 2nd quarter worth $111,000. Capstone Investment Advisors Netherlands B.V. boosted its stake in shares of Arconic by 47.9% in the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,604 shares in the last quarter. Huntington National Bank purchased a new stake in shares of Arconic in the 3rd quarter valued at $132,000. National Planning Corp purchased a new stake in shares of Arconic in the 3rd quarter valued at $206,000. Finally, Pitcairn Co. purchased a new stake in shares of Arconic in the 3rd quarter valued at $209,000. 74.62% of the stock is currently owned by hedge funds and other institutional investors.
Arconic (NYSE:ARNC) traded down $0.37 on Friday, reaching $27.25. 2,680,020 shares of the company’s stock were exchanged, compared to its average volume of 4,066,580. The company has a current ratio of 2.30, a quick ratio of 1.38 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $13,180.00, a PE ratio of -12.67 and a beta of 0.85. Arconic has a 52-week low of $18.47 and a 52-week high of $30.69.
ILLEGAL ACTIVITY WARNING: “$3.06 Billion in Sales Expected for Arconic Inc. (ARNC) This Quarter” was originally reported by Watch List News and is the sole property of of Watch List News. If you are viewing this piece on another site, it was copied illegally and reposted in violation of US & international trademark and copyright legislation. The legal version of this piece can be read at https://www.watchlistnews.com/3-06-billion-in-sales-expected-for-arconic-inc-arnc-this-quarter/1787772.html.
Arconic Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with Analyst Ratings Network's FREE daily email newsletter.