Arconic Inc (NYSE:ARNC) dropped 1.5% during mid-day trading on Tuesday . The company traded as low as $21.53 and last traded at $22.04. Approximately 171,902 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 2,666,305 shares. The stock had previously closed at $21.72.
ARNC has been the topic of a number of recent analyst reports. Longbow Research downgraded shares of Arconic from a “buy” rating to a “neutral” rating in a report on Monday, September 17th. They noted that the move was a valuation call. ValuEngine raised shares of Arconic from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 12th. Morgan Stanley set a $20.00 price target on shares of Arconic and gave the stock a “hold” rating in a report on Monday, July 16th. Jefferies Financial Group initiated coverage on shares of Arconic in a report on Monday, July 16th. They issued a “buy” rating and a $23.00 price target on the stock. Finally, Cowen reissued a “hold” rating and issued a $15.00 price target on shares of Arconic in a report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $24.91.
The company has a market cap of $10.44 billion, a price-to-earnings ratio of 17.66, a P/E/G ratio of 0.84 and a beta of 1.31. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.15 and a current ratio of 2.04.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Mount Yale Investment Advisors LLC purchased a new stake in Arconic in the first quarter valued at approximately $116,000. BlueMountain Capital Management LLC bought a new position in Arconic during the second quarter valued at approximately $104,000. Fuller & Thaler Asset Management Inc. grew its position in Arconic by 198.0% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock valued at $124,000 after acquiring an additional 4,850 shares during the last quarter. Highstreet Asset Management Inc. grew its position in Arconic by 1,475.0% during the second quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 7,906 shares during the last quarter. Finally, IBM Retirement Fund bought a new position in Arconic during the first quarter valued at approximately $216,000. 82.94% of the stock is currently owned by institutional investors and hedge funds.
About Arconic (NYSE:ARNC)
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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