Seaport Global Securities Reiterates “Buy” Rating for Arconic (ARNC)
Arconic (NYSE:ARNC)‘s stock had its “buy” rating reiterated by stock analysts at Seaport Global Securities in a report released on Tuesday. They currently have a $32.00 price objective on the basic materials company’s stock. Seaport Global Securities’ target price suggests a potential upside of 20.66% from the company’s current price.
Several other research firms also recently weighed in on ARNC. Cowen reissued a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Thursday, February 1st. Morgan Stanley reissued a “hold” rating and set a $27.00 price target on shares of Arconic in a research report on Tuesday, October 24th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Deutsche Bank set a $31.00 price target on Arconic and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Finally, Vetr raised Arconic from a “hold” rating to a “buy” rating and set a $27.97 price target for the company in a research report on Tuesday, October 17th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $29.77.
Arconic (NYSE ARNC) opened at $26.52 on Tuesday. Arconic has a one year low of $21.75 and a one year high of $31.17. The firm has a market capitalization of $12,760.00, a P/E ratio of -12.33, a P/E/G ratio of 0.95 and a beta of 0.93. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15.
Hedge funds have recently bought and sold shares of the company. Boston Partners boosted its holdings in Arconic by 567.2% in the fourth quarter. Boston Partners now owns 917,725 shares of the basic materials company’s stock valued at $25,008,000 after acquiring an additional 780,173 shares during the last quarter. Graticule Asia Macro Advisors LLC acquired a new position in Arconic in the third quarter valued at $10,425,000. Bank of Nova Scotia boosted its holdings in Arconic by 311.4% in the second quarter. Bank of Nova Scotia now owns 499,237 shares of the basic materials company’s stock valued at $11,308,000 after acquiring an additional 377,886 shares during the last quarter. Bank of Montreal Can boosted its holdings in Arconic by 83.4% in the fourth quarter. Bank of Montreal Can now owns 713,687 shares of the basic materials company’s stock valued at $19,447,000 after acquiring an additional 324,511 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Arconic by 5.6% in the third quarter. Dimensional Fund Advisors LP now owns 6,137,495 shares of the basic materials company’s stock valued at $152,744,000 after acquiring an additional 324,119 shares during the last quarter. Institutional investors and hedge funds own 74.58% of the company’s stock.
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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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