Arconic (NYSE:ARNC) Price Target Cut to $35.00

Arconic (NYSE:ARNCGet Rating) had its price target lowered by equities researchers at Benchmark from $40.00 to $35.00 in a research note issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the basic materials company’s stock. Benchmark’s price target indicates a potential upside of 73.10% from the company’s current price.

ARNC has been the topic of several other reports. StockNews.com raised Arconic from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft dropped their target price on Arconic from $34.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group boosted their target price on Arconic from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Wednesday, June 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.40.

Arconic Price Performance

Shares of ARNC stock opened at $20.22 on Thursday. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 16.31 and a beta of 1.71. The business’s fifty day moving average is $27.25 and its 200 day moving average is $26.86. Arconic has a twelve month low of $19.80 and a twelve month high of $35.74. The company has a quick ratio of 0.78, a current ratio of 1.63 and a debt-to-equity ratio of 0.88.

Arconic (NYSE:ARNCGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The basic materials company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.10). The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Arconic had a return on equity of 9.28% and a net margin of 1.53%. Arconic’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) earnings per share. Research analysts expect that Arconic will post 2.81 EPS for the current fiscal year.

Insider Activity

In other news, EVP Melissa M. Miller sold 31,122 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $880,130.16. Following the transaction, the executive vice president now directly owns 66,926 shares of the company’s stock, valued at $1,892,667.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Diana B. Perreiah sold 4,015 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $27.40, for a total transaction of $110,011.00. Following the completion of the sale, the executive vice president now owns 126,204 shares in the company, valued at $3,457,989.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Melissa M. Miller sold 31,122 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $28.28, for a total value of $880,130.16. Following the sale, the executive vice president now owns 66,926 shares of the company’s stock, valued at approximately $1,892,667.28. The disclosure for this sale can be found here. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Arconic

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in Arconic by 5.1% in the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock worth $520,389,000 after buying an additional 991,281 shares in the last quarter. Vanguard Group Inc. increased its position in Arconic by 7.3% in the first quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock worth $298,559,000 after buying an additional 791,501 shares in the last quarter. State Street Corp increased its position in Arconic by 50.5% in the first quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock worth $211,093,000 after buying an additional 2,765,816 shares in the last quarter. FMR LLC increased its position in Arconic by 23.0% in the second quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock worth $148,979,000 after buying an additional 992,501 shares in the last quarter. Finally, Harris Associates L P increased its position in Arconic by 0.4% in the first quarter. Harris Associates L P now owns 5,064,909 shares of the basic materials company’s stock worth $129,763,000 after buying an additional 22,026 shares in the last quarter. Hedge funds and other institutional investors own 95.87% 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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