Several other equities research analysts have also commented on ARNC. Deutsche Bank AG raised their price target on shares of Arconic from $28.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, March 21st. Cowen and Company restated a market perform rating and issued a $25.00 price target on shares of Arconic in a research note on Wednesday, March 29th. Longbow Research started coverage on shares of Arconic in a research note on Friday, March 31st. They issued a neutral rating on the stock. J P Morgan Chase & Co started coverage on shares of Arconic in a research note on Tuesday, April 18th. They issued a neutral rating and a $29.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Arconic from a buy rating to a hold rating in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Arconic has an average rating of Buy and an average price target of $26.88.
Shares of Arconic (NASDAQ:ARNC) traded down 0.68% during midday trading on Friday, reaching $24.95. The company’s stock had a trading volume of 1,913,518 shares. Arconic has a 1-year low of $16.75 and a 1-year high of $30.69. The stock has a 50 day moving average of $24.85 and a 200-day moving average of $26.09. The company’s market capitalization is $10.94 billion.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.26 by $0.06. Arconic had a net margin of 10.09% and a return on equity of 23.34%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. The business’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts anticipate that Arconic will post $1.18 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend 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 Arconic stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average cost of $27.31 per share, for a total transaction of $200,045.75. Following the completion of the acquisition, the director now owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Patrice E. Merrin bought 10,000 shares of Arconic stock in a transaction that occurred on 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 acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $135,850. The disclosure for this purchase can be found here.
A number of hedge funds have recently modified their holdings of ARNC. Cleararc Capital Inc. boosted its stake in shares of Arconic by 1.3% in the first quarter. Cleararc Capital Inc. now owns 10,787 shares of the basic materials company’s stock worth $284,000 after buying an additional 141 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Arconic by 0.5% in the second quarter. CIBC Asset Management Inc now owns 33,622 shares of the basic materials company’s stock worth $762,000 after buying an additional 165 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Arconic by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 27,300 shares of the basic materials company’s stock worth $618,000 after buying an additional 200 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in shares of Arconic by 1.8% in the first quarter. Stratos Wealth Partners LTD. now owns 11,914 shares of the basic materials company’s stock worth $314,000 after buying an additional 210 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Arconic by 3.3% in the first quarter. Pacer Advisors Inc. now owns 8,956 shares of the basic materials company’s stock worth $236,000 after buying an additional 286 shares during the last quarter.
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.
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