Arconic Inc (ARNC) Stock Rating Upgraded by Zacks Investment Research
Arconic Inc (NASDAQ:ARNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Arconic saw lower profits in the third quarter of 2017, hurt by sizable charges and weak performance of its GRP division. Adjusted earnings missed the Zacks Consensus Estimate while sales beat. Arconic has underperformed the industry it belongs to over the past six months. The company faces earnings headwinds stemming from hefty charges related to LIFO method of accounting. It is also exposed to pricing pressure in GRP and EPS segments and weakness in certain end-markets including the North American heavy-duty truck & trailer and industrial gas turbine. We are also concerned about its high balance sheet leverage. However, Arconic is well placed to gain from strong demand trends in the automotive market. It should also benefit from its cost-cutting and productivity actions. Major contract wins in aerospace will also support its results.”
Several other research firms have also recently commented on ARNC. Morgan Stanley reaffirmed a “hold” rating and issued a $27.00 price target on shares of Arconic in a report on Tuesday, October 24th. BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Deutsche Bank AG set a $31.00 price target on Arconic and gave the company a “buy” rating in a report on Tuesday, October 24th. Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Tuesday, August 22nd. Finally, Vetr cut Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 price target for the company. in a report on Monday, October 9th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Arconic has a consensus rating of “Buy” and a consensus price target of $28.33.
Arconic (ARNC) traded down $0.27 during midday trading on Friday, hitting $23.97. The stock had a trading volume of 539,995 shares, compared to its average volume of 4,220,323. Arconic has a 1-year low of $18.31 and a 1-year high of $30.69.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.02). Arconic had a net margin of 3.68% and a return on equity of 7.07%. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. The firm’s revenue was up 3.1% compared to the same quarter last year.
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In other Arconic news, Director Patricia F. Russo bought 15,000 shares of the business’s stock in a transaction on 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 completion of the purchase, the director now directly owns 7,928 shares in the company, valued at $194,790.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of hedge funds have recently bought and sold shares of ARNC. Harris Associates L P increased its stake in Arconic by 151.0% during the second quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after acquiring an additional 8,084,588 shares during the last quarter. Orbis Allan Gray Ltd increased its stake in Arconic by 50.9% during the second quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock worth $517,132,000 after acquiring an additional 7,696,839 shares during the last quarter. Permian Investment Partners LP acquired a new stake in Arconic during the second quarter worth $34,975,000. Dimensional Fund Advisors LP increased its stake in Arconic by 33.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock worth $131,682,000 after acquiring an additional 1,468,173 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Arconic by 194.2% during the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock worth $42,126,000 after acquiring an additional 1,227,740 shares during the last quarter.
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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