Brokerages Expect Arconic Co. (NYSE:ARNC) to Post $0.47 Earnings Per Share

Analysts forecast that Arconic Co. (NYSE:ARNC) will announce $0.47 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Arconic’s earnings, with the lowest EPS estimate coming in at $0.45 and the highest estimate coming in at $0.49. Arconic posted earnings per share of $0.05 in the same quarter last year, which would indicate a positive year-over-year growth rate of 840%. The firm is expected to announce its next earnings results on Thursday, November 4th.

According to Zacks, analysts expect that Arconic will report full year earnings of ($2.32) per share for the current fiscal year, with EPS estimates ranging from ($2.41) to ($2.23). For the next fiscal year, analysts anticipate that the business will report earnings of $2.94 per share, with EPS estimates ranging from $2.76 to $3.11. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that follow Arconic.

Arconic (NYSE:ARNC) last announced its earnings results on Monday, August 2nd. The basic materials company reported ($3.89) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($4.36). The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.82 billion. Arconic had a negative net margin of 6.83% and a positive return on equity of 5.90%. The business’s quarterly revenue was up 51.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.88) earnings per share.

ARNC has been the subject of several recent research reports. The Goldman Sachs Group initiated coverage on shares of Arconic in a research report on Thursday, September 9th. They set a “neutral” rating and a $39.00 target price for the company. Zacks Investment Research lowered shares of Arconic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 7th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.00.

Shares of NYSE ARNC opened at $31.13 on Monday. The firm has a 50 day moving average of $34.18 and a 200 day moving average of $32.87. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of -7.84 and a beta of 3.05. Arconic has a 12-month low of $18.15 and a 12-month high of $38.49.

In related news, Director E Stanley Oneal bought 15,400 shares of the company’s stock in a transaction that occurred on Thursday, August 5th. The stock was purchased at an average price of $32.45 per share, for a total transaction of $499,730.00. Following the completion of the transaction, the director now owns 137,697 shares in the company, valued at $4,468,267.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Arconic by 12.2% during the first quarter. BlackRock Inc. now owns 18,441,985 shares of the basic materials company’s stock valued at $468,239,000 after purchasing an additional 2,004,440 shares in the last quarter. Vanguard Group Inc. raised its stake in Arconic by 27.3% during the second quarter. Vanguard Group Inc. now owns 10,612,944 shares of the basic materials company’s stock valued at $378,033,000 after purchasing an additional 2,276,277 shares in the last quarter. State Street Corp raised its stake in Arconic by 0.3% during the second quarter. State Street Corp now owns 5,820,490 shares of the basic materials company’s stock valued at $207,326,000 after purchasing an additional 20,085 shares in the last quarter. Geode Capital Management LLC raised its stake in Arconic by 10.9% during the second quarter. Geode Capital Management LLC now owns 1,755,392 shares of the basic materials company’s stock valued at $62,527,000 after purchasing an additional 173,024 shares in the last quarter. Finally, FMR LLC raised its stake in Arconic by 3,116.6% during the second quarter. FMR LLC now owns 1,740,458 shares of the basic materials company’s stock valued at $61,995,000 after purchasing an additional 1,686,350 shares in the last quarter. 94.42% of the stock is currently owned by institutional investors.

About Arconic

Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.

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