Arconic Inc (NASDAQ:ARNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $30.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.74% from the company’s previous close.
According to Zacks, “Arconic has outperformed the Zacks categorized Mining-Non Ferrous industry year to date. The company should gain from its cost-cutting and productivity actions in 2017. Arconic is also seeing healthy demand trends in the aerospace market. Major contract wins in aerospace are expected to support its results. The company is also well placed to capture the growing demand for aluminum sheet stemming from the transition of the North American auto industry to lightweighting.”
ARNC has been the subject of a number of other reports. Deutsche Bank AG increased their target price on shares of Arconic from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. J P Morgan Chase & Co started coverage on shares of Arconic in a report on Tuesday, April 18th. They set a “neutral” rating and a $29.00 target price for the company. Vetr lowered shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 target price for the company. in a report on Thursday, June 1st. Longbow Research started coverage on shares of Arconic in a report on Friday, March 31st. They set a “neutral” rating for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $28.00 target price on shares of Arconic in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $27.22.
Shares of Arconic (ARNC) traded down 0.79% on Tuesday, hitting $26.40. The stock had a trading volume of 585,433 shares. The firm’s market capitalization is $11.64 billion. Arconic has a 1-year low of $16.75 and a 1-year high of $30.69. The firm has a 50 day moving average of $27.29 and a 200-day moving average of $25.37.
Arconic (NASDAQ:ARNC) last posted its earnings results on Tuesday, April 25th. The basic materials company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.08. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3 billion. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities analysts predict that Arconic will post $1.17 earnings per share for the current year.
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In related news, Director Patrice E. Merrin acquired 10,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $27.17 per share, for a total transaction of $271,700.00. Following the completion of the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $135,850. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher L. Ayers acquired 7,325 shares of the stock in a transaction on Friday, May 26th. The stock was bought at an average price of $27.31 per share, with a total value of $200,045.75. Following the completion of the acquisition, the director now directly owns 7,425 shares of the company’s stock, valued at $202,776.75. The disclosure for this purchase can be found here.
A number of hedge funds have recently modified their holdings of the company. Pettee Investors Inc. bought a new stake in shares of Arconic during the first quarter valued at approximately $218,000. Dai Ichi Life Insurance Company Ltd bought a new stake in shares of Arconic during the first quarter valued at approximately $221,000. Sii Investments Inc. WI bought a new stake in shares of Arconic during the first quarter valued at approximately $227,000. Wilbanks Smith & Thomas Asset Management LLC bought a new stake in shares of Arconic during the first quarter valued at approximately $228,000. Finally, Pitcairn Co. bought a new stake in shares of Arconic during the first quarter valued at approximately $231,000.
Arconic Company Profile
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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