Arconic Inc (NASDAQ:ARNC) Rating Lowered to Buy at Vetr Inc.
Vetr cut shares of Arconic Inc (NASDAQ:ARNC) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday. Vetr currently has $28.78 price target on the basic materials company’s stock.
A number of other research firms also recently commented on ARNC. Longbow Research initiated coverage on shares of Arconic in a research report on Friday, March 31st. They set a neutral rating on the stock. Zacks Investment Research downgraded shares of Arconic from a buy rating to a hold rating in a research report on Monday, May 8th. J P Morgan Chase & Co restated a neutral rating on shares of Arconic in a research report on Tuesday, June 27th. Cowen and Company restated a market perform rating and set a $25.00 price target on shares of Arconic in a research report on Wednesday, March 29th. Finally, Deutsche Bank AG restated a buy rating and set a $32.00 price target on shares of Arconic in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $26.88.
Shares of Arconic (NASDAQ:ARNC) traded down 0.68% on Tuesday, reaching $24.95. 1,913,518 shares of the company’s stock were exchanged. Arconic has a 1-year low of $16.75 and a 1-year high of $30.69. The stock’s 50-day moving average price is $24.85 and its 200-day moving average price is $26.09. The company’s market capitalization is $10.94 billion.
Arconic (NASDAQ:ARNC) last posted 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 firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.18 billion. Arconic had a net margin of 10.09% and a return on equity of 23.34%. The firm’s revenue was up .8% compared to the same quarter last year. Analysts anticipate that Arconic will post $1.18 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.96%.
In other Arconic news, Director Christopher L. Ayers bought 7,325 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average cost of $27.31 per share, for a total transaction of $200,045.75. Following the acquisition, the director now directly owns 7,425 shares of the company’s stock, valued at $202,776.75. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Patrice E. Merrin bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at $135,850. The disclosure for this purchase can be found here.
Several hedge funds have recently added to or reduced their stakes in ARNC. First Financial Equity Corporation acquired a new stake in Arconic during the first quarter worth approximately $289,000. Pettee Investors Inc. acquired a new stake in Arconic during the first quarter worth approximately $218,000. Dai Ichi Life Insurance Company Ltd acquired a new stake in Arconic during the first quarter worth approximately $221,000. Sii Investments Inc. WI acquired a new stake in Arconic during the first quarter worth approximately $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in Arconic during the first quarter worth approximately $228,000.
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.
To view Vetr’s full report, visit Vetr’s official website.
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