Arconic (NYSE:ARNC) Reaches New 1-Year Low on Analyst Downgrade

Arconic Co. (NYSE:ARNCGet Rating) shares reached a new 52-week low on Thursday after StockNews.com downgraded the stock from a buy rating to a hold rating. The company traded as low as $22.10 and last traded at $22.90, with a volume of 48818 shares traded. The stock had previously closed at $25.48.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft reduced their target price on Arconic from $34.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday. Benchmark reduced their target price on Arconic from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group upped their target price on Arconic from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, June 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.40.

Insider Activity at Arconic

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

Institutional Trading of Arconic

Several large investors have recently modified their holdings of ARNC. Sachem Head Capital Management LP grew its stake in Arconic by 805.9% in the second quarter. Sachem Head Capital Management LP now owns 4,076,600 shares of the basic materials company’s stock worth $114,349,000 after purchasing an additional 3,626,600 shares in the last quarter. State Street Corp grew its stake in Arconic by 50.5% in the first quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock worth $211,093,000 after purchasing an additional 2,765,816 shares in the last quarter. FMR LLC grew its stake in Arconic by 23.0% in the second quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock worth $148,979,000 after purchasing an additional 992,501 shares in the last quarter. BlackRock Inc. grew its stake in Arconic by 5.1% in the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock worth $520,389,000 after purchasing an additional 991,281 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Arconic by 7.3% in the first quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock worth $298,559,000 after purchasing an additional 791,501 shares in the last quarter. 95.87% of the stock is currently owned by institutional investors and hedge funds.

Arconic Stock Down 16.6 %

The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 17.13 and a beta of 1.71. The stock has a 50 day moving average of $27.40 and a 200 day moving average of $26.91. 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 posted its quarterly earnings results on Tuesday, August 2nd. The basic materials company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.10). Arconic had a return on equity of 9.28% and a net margin of 1.53%. The firm 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 posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 41.5% on a year-over-year basis. As a group, analysts expect that Arconic Co. will post 2.81 earnings per share for the current fiscal year.

Arconic Company Profile

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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.

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