StockNews.com Begins Coverage on Arconic (NYSE:ARNC)

StockNews.com started coverage on shares of Arconic (NYSE:ARNC – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a hold rating on the basic materials company’s stock.

Several other analysts have also recently issued reports on ARNC. Benchmark reduced their price target on shares of Arconic from $30.00 to $26.00 in a research report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Arconic from $23.00 to $21.00 in a research report on Wednesday, February 22nd. Finally, The Goldman Sachs Group lowered shares of Arconic from a neutral rating to a sell rating and lowered their price objective for the company from $23.00 to $21.00 in a research report on Tuesday, February 28th.

Arconic Price Performance

Arconic stock opened at $26.59 on Thursday. The firm has a 50-day moving average price of $24.35 and a 200-day moving average price of $22.34. The firm has a market capitalization of $2.64 billion, a PE ratio of -14.07 and a beta of 1.94. The company has a current ratio of 1.52, a quick ratio of 0.70 and a debt-to-equity ratio of 1.18. Arconic has a 12-month low of $16.33 and a 12-month high of $31.24.

Arconic (NYSE:ARNC – Get Rating) last released its earnings results on Tuesday, February 21st. The basic materials company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.06. Arconic had a negative net margin of 2.03% and a positive return on equity of 9.06%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.98 billion. As a group, equities research analysts forecast that Arconic will post 1.5 EPS for the current year.

Institutional Trading of Arconic

A number of institutional investors have recently modified their holdings of ARNC. Sachem Head Capital Management LP boosted its holdings in Arconic by 805.9% in the 2nd quarter. Sachem Head Capital Management LP now owns 4,076,600 shares of the basic materials company’s stock worth $114,349,000 after acquiring an additional 3,626,600 shares during the period. State Street Corp boosted its stake in Arconic by 50.5% during the first quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock valued at $211,093,000 after buying an additional 2,765,816 shares in the last quarter. Norges Bank purchased a new stake in shares of Arconic during the fourth quarter valued at $40,544,000. Franklin Resources Inc. purchased a new stake in shares of Arconic during the fourth quarter valued at $25,707,000. Finally, FMR LLC lifted its stake in Arconic by 23.0% in the 2nd quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock worth $148,979,000 after acquiring an additional 992,501 shares in the last quarter. Hedge funds and other institutional investors own 93.90% of the company’s stock.

About Arconic

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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.