Arconic Inc (ARNC) Upgraded to Strong-Buy by Vetr Inc.
Vetr upgraded shares of Arconic Inc (NASDAQ:ARNC) to a strong-buy rating in a research note published on Thursday.
A number of other brokerages have also issued reports on ARNC. Zacks Investment Research lowered Arconic from a buy rating to a hold rating in a research report on Monday, May 8th. Cowen and Company reissued a market perform rating and issued a $25.00 target price on shares of Arconic in a research report on Wednesday, March 29th. J P Morgan Chase & Co lowered Arconic to a neutral rating and set a $30.00 target price on the stock. in a research report on Wednesday, April 26th. Morgan Stanley reissued an equal weight rating and issued a $28.00 target price on shares of Arconic in a research report on Tuesday, June 13th. Finally, Longbow Research assumed coverage on Arconic in a research report on Friday, March 31st. They issued a neutral rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $26.88.
Shares of Arconic (NASDAQ:ARNC) traded down 1.16% on Thursday, reaching $24.66. The company had a trading volume of 794,930 shares. The stock’s market capitalization is $10.81 billion. The company’s 50 day moving average price is $24.85 and its 200-day moving average price is $26.09. Arconic has a 1-year low of $16.75 and a 1-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, beating analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic had a return on equity of 23.34% and a net margin of 10.09%. The company’s revenue was up .8% on a year-over-year basis. Equities analysts predict that Arconic will post $1.18 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Wednesday, August 2nd.
In related news, Director Patrice E. Merrin acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average price of $27.17 per share, with a total value of $271,700.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $135,850. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher L. Ayers acquired 7,325 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were bought at an average cost of $27.31 per share, for a total transaction of $200,045.75. Following the transaction, the director now directly owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The disclosure for this purchase can be found here.
Several hedge funds have recently bought and sold shares of ARNC. Parametric Portfolio Associates LLC raised its stake in Arconic by 10.5% in the first quarter. Parametric Portfolio Associates LLC now owns 562,339 shares of the basic materials company’s stock worth $14,812,000 after buying an additional 53,302 shares in the last quarter. State of Tennessee Treasury Department raised its stake in Arconic by 11.7% in the first quarter. State of Tennessee Treasury Department now owns 153,206 shares of the basic materials company’s stock worth $4,035,000 after buying an additional 16,074 shares in the last quarter. CIBC World Markets Inc. raised its stake in Arconic by 18.1% in the first quarter. CIBC World Markets Inc. now owns 24,898 shares of the basic materials company’s stock worth $656,000 after buying an additional 3,814 shares in the last quarter. Harris Associates L P bought a new stake in Arconic during the first quarter worth $141,040,000. Finally, State of Wisconsin Investment Board raised its stake in Arconic by 19.8% in the first quarter. State of Wisconsin Investment Board now owns 287,141 shares of the basic materials company’s stock worth $7,563,000 after buying an additional 47,397 shares in 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.
To view Vetr’s full report, visit Vetr’s official website.
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