Initiates Coverage on Arconic (NYSE:ARNC) initiated coverage on shares of Arconic (NYSE:ARNCGet Rating) in a report released on Thursday morning. The brokerage issued a hold rating on the basic materials company’s stock.

ARNC has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Arconic from $23.00 to $21.00 in a research report on Wednesday, February 22nd. Benchmark reduced their price target on shares of Arconic from $30.00 to $26.00 in a report on Thursday, December 15th. Finally, The Goldman Sachs Group lowered shares of Arconic from a neutral rating to a sell rating and dropped their price target for the stock from $23.00 to $21.00 in a research report on Tuesday, February 28th.

Arconic Stock Down 0.9 %

NYSE:ARNC opened at $26.59 on Thursday. The company has a market cap of $2.64 billion, a PE ratio of -14.07 and a beta of 1.94. Arconic has a twelve month low of $16.33 and a twelve month high of $31.24. The company has a current ratio of 1.52, a quick ratio of 0.70 and a debt-to-equity ratio of 1.18. The company’s 50 day moving average is $24.35 and its two-hundred day moving average is $22.34.

Arconic (NYSE:ARNCGet Rating) last posted its earnings results on Tuesday, February 21st. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.06. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.98 billion. Arconic had a negative net margin of 2.03% and a positive return on equity of 9.06%. Analysts anticipate that Arconic will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Partners Capital Investment Group LLP acquired a new stake in shares of Arconic during the third quarter worth $31,000. Clear Street Markets LLC acquired a new position in Arconic during the 4th quarter valued at about $59,000. Point72 Hong Kong Ltd bought a new position in shares of Arconic during the 3rd quarter valued at about $49,000. State of Wyoming boosted its position in shares of Arconic by 62.3% during the 4th quarter. State of Wyoming now owns 2,944 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new position in shares of Arconic in the third quarter worth about $56,000. 93.90% of the stock is currently owned by hedge funds and other institutional investors.

About Arconic

(Get Rating)

Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, the United Kingdom, and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions.

Further Reading

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's FREE daily email newsletter.