Arconic (NYSE:ARNC)‘s stock had its “hold” rating restated by analysts at Cowen in a research report issued on Wednesday. They presently have a $25.00 price target on the basic materials company’s stock. Cowen’s target price suggests a potential downside of 14.73% from the company’s previous close.
Other research analysts also recently issued research reports about the company. 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 report on Tuesday, September 12th. Deutsche Bank set a $31.00 price target on Arconic and gave the company a “buy” rating in a report on Tuesday, October 24th. Seaport Global Securities restated a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Vetr upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.97 price target on the stock in a report on Tuesday, October 17th. Finally, BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. 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 target price of $29.44.
Arconic (NYSE:ARNC) traded up $1.34 during midday trading on Wednesday, hitting $29.32. The stock had a trading volume of 6,599,100 shares, compared to its average volume of 5,064,066. Arconic has a 12 month low of $19.60 and a 12 month high of $30.69. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.38 and a current ratio of 2.30. The company has a market cap of $14,230.00, a price-to-earnings ratio of -13.64 and a beta of 0.85.
A number of large investors have recently made changes to their positions in the stock. Fiduciary Trust Co. purchased a new position in shares of Arconic during the 2nd quarter worth approximately $111,000. Capstone Investment Advisors Netherlands B.V. grew its holdings in shares of Arconic by 47.9% during the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock worth $112,000 after acquiring an additional 1,604 shares during the period. Huntington National Bank purchased a new position in shares of Arconic during the 3rd quarter worth approximately $132,000. National Planning Corp purchased a new position in shares of Arconic during the 3rd quarter worth approximately $206,000. Finally, Pitcairn Co. purchased a new position in shares of Arconic during the 3rd quarter worth approximately $209,000. Institutional investors own 74.62% of the company’s stock.
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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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