Brokerages Anticipate Arconic Inc (ARNC) Will Post Earnings of $0.28 Per Share
Equities analysts expect Arconic Inc (NASDAQ:ARNC) to post $0.28 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Arconic’s earnings, with the lowest EPS estimate coming in at $0.27 and the highest estimate coming in at $0.30. Arconic reported earnings per share of $0.32 during the same quarter last year, which suggests a negative year-over-year growth rate of 12.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Monday, October 23rd.
According to Zacks, analysts expect that Arconic will report full year earnings of $1.19 per share for the current year, with EPS estimates ranging from $1.15 to $1.25. For the next year, analysts anticipate that the company will post earnings of $1.50 per share, with EPS estimates ranging from $1.43 to $1.54. Zacks’ EPS calculations are an average based on a survey of research firms that cover Arconic.
Arconic (NASDAQ:ARNC) last posted its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06. The business had revenue of $3.26 billion during 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% compared to the same quarter last year.
A number of analysts have commented on the company. Vetr cut Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 price target for the company. in a research report on Thursday, June 1st. Morgan Stanley restated an “equal weight” rating and issued a $28.00 price target on shares of Arconic in a research report on Tuesday, June 13th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, June 20th. Finally, Cowen and Company restated a “hold” rating and issued a $25.00 price target on shares of Arconic in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $27.25.
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In other news, Director Elmer L. Doty purchased 6,000 shares of the business’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 acquisition, the director now directly 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 the SEC website. Also, Director Patricia F. Russo purchased 15,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $24.57 per share, with a total value of $368,550.00. Following the acquisition, the director now directly owns 7,928 shares in the company, valued at $194,790.96. The disclosure for this purchase can be found here. Insiders have purchased 26,000 shares of company stock valued at $640,310 in the last quarter.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Arconic by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 42,988,420 shares of the basic materials company’s stock valued at $973,688,000 after buying an additional 1,111,404 shares in the last quarter. Orbis Allan Gray Ltd grew its holdings in Arconic by 50.9% during the 2nd quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock valued at $517,132,000 after buying an additional 7,696,839 shares in the last quarter. Harris Associates L P grew its holdings in Arconic by 151.0% during the 2nd quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock valued at $304,398,000 after buying an additional 8,084,588 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Arconic by 33.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock valued at $131,682,000 after buying an additional 1,468,173 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Arconic by 9.0% during the 1st quarter. Geode Capital Management LLC now owns 4,323,347 shares of the basic materials company’s stock valued at $113,717,000 after buying an additional 356,550 shares in the last quarter.
Arconic (ARNC) traded down 2.16% on Friday, reaching $26.21. The company’s stock had a trading volume of 3,748,121 shares. The stock’s market cap is $11.56 billion. The stock has a 50-day moving average of $24.98 and a 200-day moving average of $25.91. Arconic has a one year low of $16.75 and a one year high of $30.69.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Investors of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, November 2nd.
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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