Arconic (NYSE:ARNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, December 26th.
According to Zacks, “Arconic is well placed to gain from strong demand trends in the automotive market. It should also benefit from its cost-cutting and productivity actions. Major contract wins in aerospace will also support its results. However, Arconic faces earnings headwinds stemming from hefty charges related to LIFO method of accounting. It is also exposed to pricing pressure in GRP and EPS segments and weakness in certain end-markets. We are also concerned about its high balance sheet leverage. Arconic has also underperformed the industry it belongs to over the past three months.”
ARNC has been the topic of several other reports. Cowen reaffirmed a “hold” rating and issued a $25.00 target price on shares of Arconic in a research report on Tuesday, October 31st. Vetr lowered Arconic from a “buy” rating to a “hold” rating and set a $27.97 target price on the stock. in a research report on Monday, October 23rd. Seaport Global Securities reaffirmed a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. Deutsche Bank set a $31.00 price target on Arconic and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Finally, BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Arconic presently has an average rating of “Buy” and an average price target of $29.44.
Shares of Arconic (NYSE ARNC) opened at $30.84 on Tuesday. Arconic has a 52-week low of $20.50 and a 52-week high of $30.90. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $14,840.00, a price-to-earnings ratio of -14.34, a price-to-earnings-growth ratio of 4.13 and a beta of 0.85.
Arconic (NYSE:ARNC) last issued its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.02). Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. The firm’s revenue was up 3.1% compared to the same quarter last year. equities analysts anticipate that Arconic will post 1.15 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in ARNC. Fiduciary Trust Co. bought a new position in Arconic during the second quarter valued at about $111,000. Capstone Investment Advisors Netherlands B.V. boosted its stake in Arconic by 47.9% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after buying an additional 1,604 shares in the last quarter. Huntington National Bank bought a new position in Arconic during the third quarter valued at about $132,000. National Planning Corp bought a new position in Arconic during the third quarter valued at about $206,000. Finally, Pitcairn Co. bought a new position in Arconic during the third quarter valued at about $209,000. 74.62% of the stock is owned by institutional investors and hedge funds.
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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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