Zacks Investment Research Upgrades Arconic Inc (ARNC) to Buy
Arconic Inc (NASDAQ:ARNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $27.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.93% from the company’s previous close.
According to Zacks, “Arconic has outperformed the industry it belongs to year to date. The company should gain from its cost-cutting and productivity actions in 2017. Arconic is also seeing strong demand trends in the automotive market. The company is well placed to capture the growing demand for aluminum sheet stemming from the transition of the North American auto industry to lightweighting. Major contract wins in aerospace are also expected to support its results.”
A number of other brokerages have also issued reports on ARNC. Vetr lowered Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research report on Monday, May 15th. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research report on Tuesday, June 13th. Cowen and Company reissued a “hold” rating and issued a $25.00 target price on shares of Arconic in a research report on Monday, June 26th. Deutsche Bank AG reissued a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. Finally, Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Arconic presently has a consensus rating of “Buy” and an average target price of $27.25.
Arconic (ARNC) opened at 25.25 on Tuesday. The company has a 50-day moving average price of $24.96 and a 200 day moving average price of $26.03. The company’s market cap is $11.14 billion. Arconic has a 52 week low of $16.75 and a 52 week high of $30.69.
Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company’s revenue was up .8% on a year-over-year basis. On average, equities research analysts forecast that Arconic will post $1.18 EPS for the current fiscal year.
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In other Arconic news, Director Elmer L. Doty purchased 6,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the purchase, the director now directly owns 4,409 shares in the company, valued at approximately $108,064.59. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Patricia F. Russo purchased 15,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was acquired at an average price of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now owns 7,928 shares of the company’s stock, valued at $194,790.96. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 26,000 shares of company stock valued at $640,310.
Several large investors have recently bought and sold shares of ARNC. Fiduciary Trust Co. acquired a new position in shares of Arconic in the second quarter worth $111,000. Capstone Investment Advisors Netherlands B.V. grew 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 worth $112,000 after acquiring an additional 1,604 shares in the last quarter. BRYN MAWR TRUST Co acquired a new position in shares of Arconic in the second quarter worth $214,000. Wayne Hummer Investments L.L.C. grew 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 worth $218,000 after acquiring an additional 732 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Arconic by 8.4% in the second quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock worth $220,000 after acquiring an additional 751 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.
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