Arconic (NYSE:ARNC) Raised to “Overweight” at Barclays

Barclays upgraded shares of Arconic (NYSE:ARNC) from an equal weight rating to an overweight rating in a report published on Wednesday morning, 24/7 WallStreet reports. The brokerage currently has $31.00 price objective on the basic materials company’s stock, up from their prior price objective of $20.00.

A number of other brokerages have also recently commented on ARNC. ValuEngine cut shares of Arconic from a hold rating to a sell rating in a research note on Thursday, August 1st. Cowen reissued a hold rating and issued a $24.00 price objective on shares of Arconic in a research note on Wednesday, May 1st. Morgan Stanley increased their price objective on shares of Arconic from $21.00 to $23.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. Jefferies Financial Group increased their price objective on shares of Arconic from $23.00 to $30.00 and gave the company a buy rating in a research note on Monday, July 1st. Finally, Longbow Research cut shares of Arconic from a buy rating to a neutral rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Arconic currently has an average rating of Hold and an average target price of $24.41.

Shares of NYSE ARNC opened at $25.22 on Wednesday. The firm has a market cap of $11.10 billion, a PE ratio of 18.54 and a beta of 1.50. Arconic has a 52 week low of $15.63 and a 52 week high of $26.40. The company has a 50-day simple moving average of $25.28. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.94 and a current ratio of 1.66.

Arconic (NYSE:ARNC) last issued its quarterly earnings data on Friday, August 2nd. The basic materials company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.08. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Arconic had a net margin of 3.13% and a return on equity of 15.38%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.37 EPS. On average, analysts predict that Arconic will post 2.03 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, August 25th. Shareholders of record on Friday, August 2nd will be issued a $0.02 dividend. The ex-dividend date is Thursday, August 1st. This represents a $0.08 dividend on an annualized basis and a yield of 0.32%. Arconic’s dividend payout ratio (DPR) is 5.88%.

In other news, Chairman John C. Plant bought 30,463 shares of Arconic stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $24.13 per share, for a total transaction of $735,072.19. Following the acquisition, the chairman now owns 28,282 shares in the company, valued at $682,444.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in ARNC. CWM LLC lifted its holdings in shares of Arconic by 1,397.5% during the 1st quarter. CWM LLC now owns 1,827 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 1,705 shares during the period. Liberty Wealth Management LLC lifted its holdings in shares of Arconic by 3,808.2% during the 1st quarter. Liberty Wealth Management LLC now owns 1,915 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 1,866 shares during the period. CSat Investment Advisory L.P. lifted its holdings in shares of Arconic by 31.6% during the 1st quarter. CSat Investment Advisory L.P. now owns 1,949 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 468 shares during the period. Osborn Williams & Donohoe LLC purchased a new position in shares of Arconic during the 1st quarter worth about $39,000. Finally, Parallel Advisors LLC lifted its holdings in shares of Arconic by 560.9% during the 1st quarter. Parallel Advisors LLC now owns 2,280 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 1,935 shares during the period. Institutional investors own 83.64% of the company’s stock.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

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Analyst Recommendations for Arconic (NYSE:ARNC)

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