Arconic (ARNC) Shares Down 1.5%

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.

Arconic (NYSE:ARNC) last announced its earnings results on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.08. The business had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.49 billion. Arconic had a negative net margin of 2.55% and a positive return on equity of 12.06%. Arconic’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $0.32 earnings per share. analysts predict that Arconic Inc will post 1.29 EPS for the current fiscal year.

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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