Arconic (NYSE:ARNC) Trading Down 6.7%

Posted by on Aug 4th, 2022

Arconic Co. (NYSE:ARNC – Get Rating)’s share price dropped 6.7% during mid-day trading on Tuesday . The company traded as low as $26.89 and last traded at $28.38. Approximately 15,594 shares were traded during trading, a decline of 98% from the average daily volume of 770,929 shares. The stock had previously closed at $30.42.

Analyst Upgrades and Downgrades

ARNC has been the topic of a number of analyst reports. StockNews.com upgraded shares of Arconic from a “hold” rating to a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Arconic from $40.00 to $34.00 in a research note on Thursday, May 5th. Finally, The Goldman Sachs Group increased their price objective on shares of Arconic from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 8th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Arconic Trading Up 4.1 %

The business’s 50 day moving average price is $28.32 and its two-hundred day moving average price is $28.03. The company has a current ratio of 1.45, a quick ratio of 0.66 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -7.88 and a beta of 1.60.

Arconic (NYSE:ARNC – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The basic materials company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.33. Arconic had a negative net margin of 5.07% and a positive return on equity of 5.12%. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same period last year, the company posted ($0.05) EPS. The firm’s quarterly revenue was up 41.5% compared to the same quarter last year. On average, equities analysts predict that Arconic Co. will post 2.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Arconic by 5.1% in the 1st quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock valued at $520,389,000 after buying an additional 991,281 shares during the last quarter. Vanguard Group Inc. raised its holdings in Arconic by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock valued at $298,559,000 after buying an additional 791,501 shares during the last quarter. State Street Corp raised its holdings in Arconic by 50.5% during the 1st 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 during the last quarter. Harris Associates L P raised its holdings in Arconic by 0.4% during the 1st quarter. Harris Associates L P now owns 5,064,909 shares of the basic materials company’s stock worth $129,763,000 after purchasing an additional 22,026 shares during the last quarter. Finally, Meitav Dash Investments Ltd. raised its holdings in Arconic by 0.8% during the 1st quarter. Meitav Dash Investments Ltd. now owns 1,969,151 shares of the basic materials company’s stock worth $1,971,000 after purchasing an additional 16,204 shares during the last quarter. Institutional investors own 90.38% of the company’s stock.

About Arconic

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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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