Arconic (ARNC) Earns Buy Rating from Seaport Global Securities

Seaport Global Securities reiterated their buy rating on shares of Arconic (NYSE:ARNC) in a research note published on Thursday. They currently have a $29.00 price target on the basic materials company’s stock.

Other analysts also recently issued research reports about the stock. Barclays initiated coverage on shares of Arconic in a report on Thursday, March 29th. They issued an equal weight rating and a $26.00 target price on the stock. Cowen reaffirmed a hold rating and issued a $25.00 target price on shares of Arconic in a report on Wednesday, January 3rd. Zacks Investment Research raised shares of Arconic from a sell rating to a hold rating in a report on Tuesday, December 26th. Morgan Stanley reaffirmed a hold rating and issued a $28.00 target price (down previously from $30.00) on shares of Arconic in a report on Friday, February 23rd. Finally, Goldman Sachs initiated coverage on shares of Arconic in a report on Tuesday, March 20th. They issued a neutral rating and a $28.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $29.00.

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NYSE ARNC opened at $23.26 on Thursday. The company has a current ratio of 2.26, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $11,359.63, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 0.79 and a beta of 1.13. Arconic has a one year low of $21.75 and a one year high of $31.17.

Arconic (NYSE:ARNC) last issued its earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.07. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.08 billion. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 earnings per share. equities analysts anticipate that Arconic will post 1.49 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Thursday, May 3rd. Arconic’s dividend payout ratio is currently 19.67%.

In related news, Director David P. Hess acquired 40,300 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were purchased at an average price of $24.80 per share, with a total value of $999,440.00. Following the completion of the acquisition, the director now owns 127,870 shares in the company, valued at $3,171,176. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB boosted its holdings in Arconic by 15.2% during the fourth quarter. Xact Kapitalforvaltning AB now owns 36,870 shares of the basic materials company’s stock worth $1,005,000 after buying an additional 4,866 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Arconic by 122.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 420,949 shares of the basic materials company’s stock worth $11,471,000 after buying an additional 231,588 shares in the last quarter. Delek Group Ltd. purchased a new stake in Arconic during the fourth quarter worth about $512,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Arconic by 35.7% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 30,807 shares of the basic materials company’s stock worth $839,000 after buying an additional 8,100 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in Arconic by 3.9% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 318,500 shares of the basic materials company’s stock worth $8,679,000 after buying an additional 12,100 shares in the last quarter. 80.44% of the stock is currently owned by hedge funds and other institutional investors.

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Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.

Analyst Recommendations for Arconic (NYSE:ARNC)

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