Zacks: Brokerages Anticipate Arconic Inc. (ARNC) Will Announce Quarterly Sales of $3.06 Billion
Wall Street analysts forecast that Arconic Inc. (NYSE:ARNC) will announce sales of $3.06 billion for the current quarter, according to Zacks. Three analysts have made estimates for Arconic’s earnings, with the highest sales estimate coming in at $3.11 billion and the lowest estimate coming in at $3.01 billion. Arconic reported sales of $2.97 billion during the same quarter last year, which would suggest a positive year over year growth rate of 3%. The company is scheduled to announce its next earnings results on Tuesday, January 30th.
According to Zacks, analysts expect that Arconic will report full-year sales of $3.06 billion for the current financial year, with estimates ranging from $12.69 billion to $12.80 billion. For the next year, analysts expect that the firm will report sales of $13.30 billion per share, with estimates ranging from $12.72 billion to $14.14 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Arconic.
Arconic (NYSE:ARNC) last announced its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. Arconic’s revenue for the quarter was up 3.1% on a year-over-year basis.
Several analysts recently commented on ARNC shares. Vetr upgraded Arconic to a “strong-buy” rating in a research report on Thursday, July 27th. Longbow Research upgraded Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Tuesday, August 22nd. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Tuesday, September 12th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Seaport Global Securities reiterated a “buy” rating and set a $29.00 price target (up from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $28.33.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC grew its holdings in shares of Arconic by 29.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 112,514 shares of the basic materials company’s stock worth $2,799,000 after acquiring an additional 25,619 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Arconic by 7.5% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 121,200 shares of the basic materials company’s stock worth $3,015,000 after acquiring an additional 8,501 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Arconic by 74.5% in the 3rd quarter. Janus Henderson Group PLC now owns 143,645 shares of the basic materials company’s stock worth $3,574,000 after acquiring an additional 61,340 shares during the last quarter. Cornerstone Capital Management Holdings LLC. grew its holdings in shares of Arconic by 109.1% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 158,827 shares of the basic materials company’s stock worth $3,951,000 after acquiring an additional 82,872 shares during the last quarter. Finally, Permian Investment Partners LP grew its holdings in shares of Arconic by 10.5% in the 3rd quarter. Permian Investment Partners LP now owns 1,705,757 shares of the basic materials company’s stock worth $42,439,000 after acquiring an additional 161,592 shares during the last quarter. Institutional investors and hedge funds own 73.19% of the company’s stock.
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Shares of Arconic (NYSE:ARNC) opened at $23.75 on Thursday. Arconic has a 1 year low of $18.47 and a 1 year high of $30.69. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.30 and a quick ratio of 1.38. The company has a market capitalization of $11,426.64, a P/E ratio of 23.27 and a beta of 0.88.
The company also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Thursday, November 2nd. Arconic’s dividend payout ratio (DPR) is presently -15.09%.
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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