Arconic Inc (ARNC) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Arconic Inc (NASDAQ:ARNC) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $27.00 price objective on the basic materials company’s stock.
According to Zacks, “Arconic has outperformed the industry it belongs to year to date. The company should gain from its cost-cutting and productivity actions in 2017. Arconic is also seeing strong demand trends in the automotive market. The company is well placed to capture the growing demand for aluminum sheet stemming from the transition of the North American auto industry to lightweighting. Major contract wins in aerospace are also expected to support its results.”
Other equities analysts have also recently issued reports about the company. Vetr cut Arconic from a strong-buy rating to a buy rating and set a $28.78 target price for the company. in a research report on Tuesday, July 25th. Seaport Global Securities upgraded Arconic from a neutral rating to a buy rating and set a $27.00 price objective for the company in a report on Thursday, July 13th. Deutsche Bank AG reiterated a buy rating on shares of Arconic in a report on Saturday, June 24th. Longbow Research upgraded Arconic from a neutral rating to a buy rating and set a $34.00 price objective for the company in a report on Tuesday, August 22nd. Finally, Morgan Stanley reiterated an equal weight rating and issued a $28.00 price objective on shares of Arconic in a report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $27.25.
Shares of Arconic (ARNC) opened at 25.16 on Tuesday. The company has a 50-day moving average price of $24.96 and a 200 day moving average price of $26.06. Arconic has a 1-year low of $16.75 and a 1-year high of $30.69. The firm’s market capitalization is $11.10 billion.
Arconic (NASDAQ:ARNC) last posted its earnings results on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. The firm’s revenue was up .8% on a year-over-year basis. On average, equities research analysts predict that Arconic will post $1.18 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 4th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Wednesday, August 2nd.
In related news, Director Patricia F. Russo bought 15,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now owns 7,928 shares in the company, valued at approximately $194,790.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James F. Albaugh bought 5,000 shares of the stock in a transaction dated Wednesday, August 9th. The stock was bought at an average cost of $24.94 per share, with a total value of $124,700.00. Following the purchase, the director now owns 9,409 shares in the company, valued at approximately $234,660.46. The disclosure for this purchase can be found here. Insiders bought a total of 26,000 shares of company stock valued at $640,310 over the last quarter.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARNC. Fiduciary Trust Co. bought a new stake in shares of Arconic in the 2nd quarter valued at about $111,000. Capstone Investment Advisors Netherlands B.V. lifted its stake in shares of Arconic by 47.9% in the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after acquiring an additional 1,604 shares during the last quarter. BRYN MAWR TRUST Co bought a new stake in shares of Arconic in the 2nd quarter valued at about $214,000. Wayne Hummer Investments L.L.C. lifted its stake in shares of Arconic by 8.2% in the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after acquiring an additional 732 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Arconic by 8.4% in the 2nd quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock valued at $220,000 after acquiring an additional 751 shares during the last quarter.
Arconic Company Profile
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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