Arconic (NYSE:ARNC) Given New $23.00 Price Target at Deutsche Bank Aktiengesellschaft

Arconic (NYSE:ARNCGet Rating) had its price objective upped by Deutsche Bank Aktiengesellschaft from $22.00 to $23.00 in a research report report published on Tuesday, The Fly reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the basic materials company’s stock.

ARNC has been the subject of a number of other research reports. Benchmark dropped their target price on Arconic from $30.00 to $26.00 in a report on Thursday, December 15th. StockNews.com downgraded Arconic from a buy rating to a hold rating in a report on Friday, October 7th. Finally, The Goldman Sachs Group dropped their target price on Arconic from $35.00 to $22.00 and set a neutral rating for the company in a report on Thursday, October 13th.

Arconic Price Performance

NYSE:ARNC opened at $23.27 on Tuesday. The firm has a fifty day simple moving average of $22.15 and a 200 day simple moving average of $23.20. Arconic has a 1-year low of $16.33 and a 1-year high of $33.44. The stock has a market capitalization of $2.36 billion, a PE ratio of 51.71 and a beta of 2.02. The company has a current ratio of 1.65, a quick ratio of 0.78 and a debt-to-equity ratio of 0.98.

Arconic (NYSE:ARNCGet Rating) last announced its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.14). Arconic had a net margin of 0.58% and a return on equity of 8.54%. The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the business earned $0.15 EPS. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. On average, research analysts expect that Arconic will post 1.4 EPS for the current fiscal year.

Arconic declared that its board has approved a share buyback plan on Wednesday, November 16th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Arconic

In related news, Director William F. Austen purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The stock was acquired at an average price of $19.84 per share, with a total value of $198,400.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $198,400. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bornite Capital Management LP bought a new position in Arconic in the first quarter valued at about $7,686,000. Citigroup Inc. grew its position in Arconic by 5.3% in the first quarter. Citigroup Inc. now owns 115,513 shares of the basic materials company’s stock valued at $2,959,000 after acquiring an additional 5,856 shares during the last quarter. Natixis Advisors L.P. grew its position in Arconic by 85.7% in the first quarter. Natixis Advisors L.P. now owns 22,520 shares of the basic materials company’s stock valued at $577,000 after acquiring an additional 10,393 shares during the last quarter. Bank of Montreal Can grew its position in Arconic by 6.4% in the first quarter. Bank of Montreal Can now owns 100,243 shares of the basic materials company’s stock valued at $2,615,000 after acquiring an additional 6,055 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in Arconic by 55.2% in the first quarter. MetLife Investment Management LLC now owns 56,860 shares of the basic materials company’s stock valued at $1,457,000 after acquiring an additional 20,217 shares during the last quarter. Institutional investors and hedge funds own 93.90% 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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