Arconic Inc (NASDAQ:ARNC) was upgraded by equities researchers at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a research note issued on Monday, July 10th, MarketBeat.com reports. The firm currently has a $29.00 price target on the basic materials company’s stock, down from their prior price target of $30.00. J P Morgan Chase & Co’s price target points to a potential upside of 14.44% from the stock’s previous close.
ARNC has been the topic of several other reports. Cowen and Company reiterated a “hold” rating and set a $25.00 target price on shares of Arconic in a research report on Monday, June 26th. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, June 20th. Vetr downgraded Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research report on Monday, May 15th. Deutsche Bank AG restated a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Arconic in a research report on Friday, June 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $26.88.
Shares of Arconic (NASDAQ:ARNC) traded down 1.322% during trading on Monday, hitting $25.005. 1,362,544 shares of the stock traded hands. The firm’s market cap is $11.03 billion. The company has a 50-day moving average of $24.73 and a 200-day moving average of $26.22. Arconic has a 52 week low of $16.75 and a 52 week high of $30.69.
Arconic (NASDAQ:ARNC) last released its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a return on equity of 23.34% and a net margin of 10.09%. Arconic’s revenue for the quarter was up .8% compared to the same quarter last year. On average, analysts forecast that Arconic will post $1.19 EPS for the current fiscal year.
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In other Arconic news, Director Christopher L. Ayers bought 7,325 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were purchased at an average price of $27.31 per share, with a total value of $200,045.75. Following the completion of the purchase, the director now owns 7,425 shares in the company, valued at approximately $202,776.75. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Patrice E. Merrin bought 10,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average cost of $27.17 per share, for a total transaction of $271,700.00. Following the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $135,850. The disclosure for this purchase can be found here.
Several hedge funds have recently made changes to their positions in ARNC. Pettee Investors Inc. purchased a new stake in shares of Arconic during the first quarter worth about $218,000. Wayne Hummer Investments L.L.C. raised its stake in shares of Arconic by 8.2% in the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after buying an additional 732 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Arconic by 8.4% in the second quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock worth $220,000 after buying an additional 751 shares during the last quarter. Dai Ichi Life Insurance Company Ltd purchased a new stake in shares of Arconic during the first quarter worth about $221,000. Finally, Sii Investments Inc. WI purchased a new stake in shares of Arconic during the first quarter worth about $227,000.
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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