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.

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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.

Analyst Recommendations for Arconic (NYSE:ARNC)

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