Arconic (NYSE:ARNC) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Arconic (NYSE:ARNCGet Rating) from a buy rating to a hold rating in a research note released on Thursday.

Several other analysts have also issued reports on ARNC. Benchmark dropped their target price on shares of Arconic from $40.00 to $35.00 and set a buy rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Arconic from $34.00 to $29.00 and set a buy rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group boosted their price target on shares of Arconic from $32.00 to $36.00 and gave the stock a neutral rating in a research report on Wednesday, June 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Arconic presently has an average rating of Moderate Buy and an average price target of $36.40.

Arconic Stock Down 16.6 %

Shares of NYSE ARNC opened at $21.24 on Thursday. The company’s 50-day simple moving average is $27.40 and its 200-day simple moving average is $26.91. Arconic has a 52-week low of $20.97 and a 52-week high of $35.74. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 17.13 and a beta of 1.71. The company has a quick ratio of 0.78, a current ratio of 1.63 and a debt-to-equity ratio of 0.88.

Arconic (NYSE:ARNCGet Rating) last announced its earnings results on Tuesday, August 2nd. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.10). Arconic had a net margin of 1.53% and a return on equity of 9.28%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same quarter last year, the business earned ($0.05) EPS. The firm’s revenue for the quarter was up 41.5% compared to the same quarter last year. Equities analysts predict that Arconic will post 2.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Diana B. Perreiah sold 4,015 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $27.40, for a total transaction of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares in the company, valued at $3,457,989.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arconic news, EVP Melissa M. Miller sold 31,122 shares of Arconic stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $880,130.16. Following the transaction, the executive vice president now directly owns 66,926 shares of the company’s stock, valued at $1,892,667.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Diana B. Perreiah sold 4,015 shares of Arconic stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.40, for a total transaction of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares in the company, valued at $3,457,989.60. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arconic

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Arconic by 5.1% in the 1st quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock valued at $520,389,000 after acquiring an additional 991,281 shares during the period. Vanguard Group Inc. raised its stake in shares of Arconic by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock valued at $298,559,000 after acquiring an additional 791,501 shares during the period. State Street Corp raised its stake in shares of Arconic by 50.5% in the 1st quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock valued at $211,093,000 after acquiring an additional 2,765,816 shares during the period. FMR LLC raised its stake in shares of Arconic by 23.0% in the 2nd quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock valued at $148,979,000 after acquiring an additional 992,501 shares during the period. Finally, Harris Associates L P raised its stake in shares of Arconic by 0.4% in the 1st quarter. Harris Associates L P now owns 5,064,909 shares of the basic materials company’s stock valued at $129,763,000 after acquiring an additional 22,026 shares during the period. 95.87% of the stock is owned by hedge funds and other institutional investors.

About Arconic

(Get Rating)

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

Further Reading

Analyst Recommendations for Arconic (NYSE:ARNC)

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