Wells Fargo & Co Initiates Coverage on Arconic (ARNC)
Wells Fargo & Co assumed coverage on shares of Arconic (NYSE:ARNC) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The firm issued an outperform rating and a $35.00 price objective on the basic materials company’s stock.
A number of other equities analysts have also recently issued reports on ARNC. Zacks Investment Research upgraded Arconic from a hold rating to a buy rating and set a $27.00 target price on the stock in a report on Tuesday, September 12th. BidaskClub upgraded Arconic from a sell rating to a hold rating in a report on Friday, September 22nd. Seaport Global Securities restated a buy rating and issued a $29.00 target price (up from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Vetr cut Arconic from a strong-buy rating to a hold rating and set a $27.98 target price on the stock. in a report on Monday, October 9th. Finally, Cowen restated a hold rating and issued a $25.00 target price on shares of Arconic in a report on Thursday, October 19th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Arconic currently has an average rating of Buy and an average target price of $29.44.
Shares of Arconic (NYSE ARNC) traded up $0.29 during midday trading on Thursday, hitting $29.61. The company had a trading volume of 3,700,000 shares, compared to its average volume of 3,240,000. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15. The firm has a market cap of $14,250.00, a PE ratio of -13.77 and a beta of 0.85. Arconic has a twelve month low of $20.01 and a twelve month high of $30.69.
Arconic (NYSE:ARNC) last issued its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. sell-side analysts expect that Arconic will post 1.17 EPS for the current year.
Institutional investors have recently modified their holdings of the company. Fiduciary Trust Co. acquired a new stake in shares of Arconic in the second quarter worth $111,000. Capstone Investment Advisors Netherlands B.V. boosted its position 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 worth $112,000 after buying an additional 1,604 shares during the period. Huntington National Bank acquired a new stake in shares of Arconic in the third quarter worth $132,000. National Planning Corp acquired a new stake in shares of Arconic in the third quarter worth $206,000. Finally, Pitcairn Co. acquired a new stake in shares of Arconic in the third quarter worth $209,000. 74.62% of the stock is owned by institutional investors and hedge funds.
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.