Longbow Research Upgrades Arconic Inc (ARNC) to Buy
Arconic Inc (NASDAQ:ARNC) was upgraded by analysts at Longbow Research from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday.
Several other analysts also recently issued reports on the company. J P Morgan Chase & Co downgraded Arconic to a “neutral” rating and set a $30.00 price objective on the stock. in a research report on Wednesday, April 26th. Morgan Stanley restated an “equal weight” rating and issued a $28.00 price objective on shares of Arconic in a research report on Tuesday, June 13th. Vetr downgraded Arconic from a “hold” rating to a “sell” rating and set a $27.00 price objective on the stock. in a research report on Monday, May 15th. Cowen and Company restated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research report on Monday, June 26th. Finally, Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $26.88.
Arconic (ARNC) opened at 24.48 on Tuesday. The stock’s 50 day moving average price is $24.57 and its 200-day moving average price is $26.42. Arconic has a 12 month low of $16.75 and a 12 month high of $30.69. The stock’s market cap is $10.80 billion.
Arconic (NASDAQ:ARNC) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.18 billion. Arconic’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts predict that Arconic will post $1.18 EPS for the current year.
TRADEMARK VIOLATION WARNING: This report was posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The legal version of this report can be viewed at https://theolympiareport.com/2017/08/22/longbow-research-upgrades-arconic-inc-arnc-to-buy.html.
In other Arconic news, Director Elmer L. Doty bought 6,000 shares of Arconic stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the transaction, the director now owns 4,409 shares of the company’s stock, valued at approximately $108,064.59. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher L. Ayers bought 7,325 shares of Arconic stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average price of $27.31 per share, for a total transaction of $200,045.75. Following the completion of the transaction, the director now directly owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The disclosure for this purchase can be found here. Insiders have purchased 43,325 shares of company stock worth $1,112,056 over the last quarter.
Large investors have recently made changes to their positions in the company. Fiduciary Trust Co. purchased a new stake in shares of Arconic during the second quarter valued at approximately $111,000. Capstone Investment Advisors Netherlands B.V. raised its stake in shares of Arconic by 47.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after buying an additional 1,604 shares in the last quarter. BRYN MAWR TRUST Co purchased a new stake in shares of Arconic during the second quarter valued at approximately $214,000. Pettee Investors Inc. purchased a new stake in shares of Arconic during the first quarter valued at approximately $218,000. Finally, Wayne Hummer Investments L.L.C. raised its stake in shares of Arconic by 8.2% in the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after buying an additional 732 shares in 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.
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.