Arconic Inc (ARNC) Posts Earnings Results, Beats Expectations By $0.06 EPS
Arconic Inc (NASDAQ:ARNC) released its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06, Bloomberg Earnings reports. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue for the quarter was up .8% on a year-over-year basis. Arconic updated its FY17 guidance to $1.15-1.20 EPS.
Shares of Arconic (NASDAQ ARNC) traded up 0.04% during midday trading on Friday, hitting $24.29. The company had a trading volume of 2,607,525 shares. The firm’s market capitalization is $10.71 billion. Arconic has a 12-month low of $16.75 and a 12-month high of $30.69. The firm’s 50-day moving average is $24.51 and its 200-day moving average is $26.40.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.99%.
Several research firms have weighed in on ARNC. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research note on Saturday, June 24th. J P Morgan Chase & Co raised Arconic from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $30.00 to $29.00 in a research note on Monday, July 10th. Vetr cut Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research note on Tuesday, May 23rd. Seaport Global Securities raised Arconic from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Thursday, July 13th. Finally, Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Arconic currently has an average rating of “Buy” and a consensus target price of $26.88.
In other news, Director Patrice E. Merrin acquired 10,000 shares of the firm’s stock in a transaction that occurred 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 owns 5,000 shares in the company, valued at $135,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patricia F. Russo acquired 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average price of $24.57 per share, with a total value of $368,550.00. Following the completion of the acquisition, the director now owns 7,928 shares of the company’s stock, valued at approximately $194,790.96. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 43,325 shares of company stock valued at $1,112,056.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Credit Agricole S A increased its position in Arconic by 5.5% in the first quarter. Credit Agricole S A now owns 891,714 shares of the basic materials company’s stock worth $23,488,000 after buying an additional 46,261 shares in the last quarter. Oxford Asset Management bought a new position in Arconic during the first quarter worth $1,737,000. Gluskin Sheff & Assoc Inc. bought a new position in Arconic during the first quarter worth $22,190,000. Vanguard Group Inc. increased its position in Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock worth $1,103,040,000 after buying an additional 1,559,763 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in Arconic by 8.0% in the first quarter. Clearbridge Investments LLC now owns 15,819 shares of the basic materials company’s stock worth $417,000 after buying an additional 1,167 shares in the last quarter.
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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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