Arconic (ARNC) Downgraded by JPMorgan Chase & Co.

Arconic (NYSE:ARNC) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Monday, Marketbeat reports. They presently have a $22.00 target price on the basic materials company’s stock, down from their prior target price of $24.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 9.62% from the stock’s previous close.

A number of other equities analysts also recently commented on ARNC. Longbow Research downgraded shares of Arconic from a “buy” rating to a “neutral” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. Jefferies Financial Group set a $25.00 target price on shares of Arconic and gave the company a “buy” rating in a research note on Wednesday, October 31st. TheStreet raised shares of Arconic from a “d+” rating to a “c-” rating in a research note on Monday, October 15th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research note on Thursday, January 3rd. Finally, Morgan Stanley set a $22.00 target price on shares of Arconic and gave the company a “hold” rating in a research note on Wednesday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Arconic currently has a consensus rating of “Hold” and an average target price of $23.02.

NYSE:ARNC opened at $20.07 on Monday. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 1.19. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 16.45 and a beta of 1.37. Arconic has a fifty-two week low of $15.63 and a fifty-two week high of $31.17.

Arconic (NYSE:ARNC) last posted its quarterly earnings results on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.02. The company had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.48 billion. Arconic had a negative net margin of 2.19% and a positive return on equity of 12.94%. Arconic’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 earnings per share. On average, equities analysts predict that Arconic will post 1.31 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Guardian Investment Management raised its stake in shares of Arconic by 7.5% in the 3rd quarter. Guardian Investment Management now owns 33,687 shares of the basic materials company’s stock valued at $742,000 after acquiring an additional 2,355 shares during the period. Alambic Investment Management L.P. increased its stake in Arconic by 11.3% during the 3rd quarter. Alambic Investment Management L.P. now owns 26,500 shares of the basic materials company’s stock worth $583,000 after buying an additional 2,700 shares during the period. Pacer Advisors Inc. increased its stake in Arconic by 14.3% during the 3rd quarter. Pacer Advisors Inc. now owns 21,837 shares of the basic materials company’s stock worth $481,000 after buying an additional 2,738 shares during the period. IFM Investors Pty Ltd increased its stake in Arconic by 14.4% during the 3rd quarter. IFM Investors Pty Ltd now owns 23,466 shares of the basic materials company’s stock worth $516,000 after buying an additional 2,953 shares during the period. Finally, ARK Investment Management LLC increased its stake in Arconic by 19.7% during the 3rd quarter. ARK Investment Management LLC now owns 30,341 shares of the basic materials company’s stock worth $668,000 after buying an additional 4,983 shares during the period. 83.50% of the stock is currently owned by institutional investors and hedge funds.

Arconic Company Profile

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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Analyst Recommendations for Arconic (NYSE:ARNC)

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