The Goldman Sachs Group Raises Arconic (NYSE:ARNC) Price Target to $36.00

Arconic (NYSE:ARNC – Get Rating) had its price target lifted by The Goldman Sachs Group from $32.00 to $36.00 in a report issued on Wednesday, Stock Target Advisor reports. The firm currently has a “neutral” rating on the basic materials company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 19.44% from the company’s previous close.

A number of other research firms also recently weighed in on ARNC. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Arconic from $40.00 to $34.00 in a research report on Thursday, May 5th. Zacks Investment Research downgraded shares of Arconic from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 26th. Finally, StockNews.com started coverage on shares of Arconic in a report on Thursday, March 31st. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $36.20.

ARNC stock traded down $0.81 during trading on Wednesday, reaching $30.14. The stock had a trading volume of 5,515 shares, compared to its average volume of 847,516. Arconic has a one year low of $22.45 and a one year high of $38.49. The company has a quick ratio of 0.66, a current ratio of 1.45 and a debt-to-equity ratio of 1.02. The company’s 50 day moving average is $26.78 and its two-hundred day moving average is $29.02. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -8.12 and a beta of 1.95.

Arconic (NYSE:ARNC – Get Rating) last released its earnings results on Tuesday, May 3rd. The basic materials company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.04). Arconic had a negative net margin of 5.07% and a positive return on equity of 5.12%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the prior year, the company earned $0.46 earnings per share. The firm’s revenue was up 30.8% on a year-over-year basis. As a group, research analysts predict that Arconic will post 2.53 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in Arconic in the 4th quarter worth $26,000. Tompkins Financial Corp bought a new stake in shares of Arconic during the 1st quarter valued at about $39,000. Quent Capital LLC bought a new stake in Arconic during the fourth quarter worth about $41,000. EverSource Wealth Advisors LLC bought a new stake in Arconic during the fourth quarter worth about $41,000. Finally, Allegheny Financial Group LTD purchased a new position in Arconic in the fourth quarter worth about $63,000. Hedge funds and other institutional investors own 90.38% of the company’s stock.

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.

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