Arconic Inc (NYSE:ARNC) – Analysts at Jefferies Financial Group upped their Q3 2019 earnings per share (EPS) estimates for shares of Arconic in a note issued to investors on Monday, August 12th. Jefferies Financial Group analyst M. Englert now anticipates that the basic materials company will earn $0.54 per share for the quarter, up from their previous estimate of $0.53. Jefferies Financial Group has a “Buy” rating and a $30.00 price target on the stock. Jefferies Financial Group also issued estimates for Arconic’s FY2019 earnings at $2.05 EPS, FY2020 earnings at $2.40 EPS, FY2021 earnings at $2.54 EPS, FY2022 earnings at $2.38 EPS and FY2023 earnings at $2.72 EPS.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Friday, August 2nd. The basic materials company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.08. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.64 billion. Arconic had a net margin of 3.13% and a return on equity of 15.38%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.37 EPS.
Shares of NYSE:ARNC opened at $24.57 on Wednesday. The company’s fifty day moving average price is $25.35 and its 200-day moving average price is $21.72. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 18.07 and a beta of 1.50. Arconic has a one year low of $15.63 and a one year high of $26.40. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.66 and a quick ratio of 0.94.
Several hedge funds have recently added to or reduced their stakes in the stock. CSat Investment Advisory L.P. grew its holdings in shares of Arconic by 31.6% during the 1st quarter. CSat Investment Advisory L.P. now owns 1,949 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 468 shares during the last quarter. CIBC Asset Management Inc boosted its position in Arconic by 1.0% during the 1st quarter. CIBC Asset Management Inc now owns 47,428 shares of the basic materials company’s stock valued at $906,000 after buying an additional 475 shares during the period. Candriam Luxembourg S.C.A. boosted its position in Arconic by 1.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 34,199 shares of the basic materials company’s stock valued at $654,000 after buying an additional 487 shares during the period. Nisa Investment Advisors LLC boosted its position in Arconic by 2.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 25,355 shares of the basic materials company’s stock valued at $655,000 after buying an additional 500 shares during the period. Finally, Securian Asset Management Inc boosted its position in Arconic by 1.5% during the 1st quarter. Securian Asset Management Inc now owns 44,107 shares of the basic materials company’s stock valued at $843,000 after buying an additional 666 shares during the period. 85.37% of the stock is currently owned by institutional investors.
In other Arconic news, Chairman John C. Plant bought 30,463 shares of Arconic stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $24.13 per share, with a total value of $735,072.19. Following the acquisition, the chairman now owns 28,282 shares in the company, valued at $682,444.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, August 25th. Investors of record on Friday, August 2nd will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Thursday, August 1st. Arconic’s dividend payout ratio is currently 5.88%.
Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
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