An issue of Arconic Inc (NASDAQ:ARNC) debt fell 1.7% against its face value during trading on Thursday. The high-yield issue of debt has a 5.72% coupon and is set to mature on February 23, 2019. The debt is now trading at $106.00. Price moves in a company’s debt in credit markets often anticipate parallel moves in its stock price.
Several analysts have recently commented on the company. Cowen and Company reaffirmed a “market perform” rating and issued a $25.00 target price on shares of Arconic in a research report on Wednesday, March 29th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $32.00 target price on shares of Arconic in a research report on Wednesday. Zacks Investment Research raised Arconic from a “strong sell” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Monday, January 2nd. Longbow Research assumed coverage on Arconic in a research report on Friday, March 31st. They issued a “neutral” rating for the company. Finally, TheStreet raised Arconic from a “d+” rating to a “c” rating in a research report on Friday, January 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $24.75.
Arconic Inc (NASDAQ:ARNC) traded up 0.54% during mid-day trading on Thursday, reaching $26.11. The company had a trading volume of 2,307,613 shares. The stock’s market cap is $11.50 billion. The firm’s 50-day moving average price is $26.70 and its 200-day moving average price is $23.18. Arconic Inc has a 12 month low of $16.75 and a 12 month high of $30.69.
Arconic (NASDAQ:ARNC) last issued its earnings results on Tuesday, January 31st. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the business earned $0.04 EPS. The business’s revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that Arconic Inc will post $1.11 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Friday, May 5th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, May 3rd. This represents a $0.24 annualized dividend and a yield of 0.92%.
In other news, major shareholder Associates L.P. Elliott bought 256,000 shares of the business’s stock in a transaction that occurred on Friday, January 27th. The stock was acquired at an average cost of $22.63 per share, for a total transaction of $5,793,280.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder International L.P. Elliott bought 544,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 24th. The stock was purchased at an average price of $21.61 per share, with a total value of $11,755,840.00. The disclosure for this purchase can be found here. Insiders purchased a total of 2,941,001 shares of company stock valued at $79,150,049 over the last quarter.
ILLEGAL ACTIVITY NOTICE: This report was first posted by WKRB News and is owned by of WKRB News. If you are accessing this report on another website, it was stolen and reposted in violation of U.S. and international trademark & copyright legislation. The legal version of this report can be accessed at https://www.wkrb13.com/markets/2065642/arconic-inc-arnc-bonds-drop-1-7-during-trading.html.
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.
This story was originally published by WKRB News (https://www.wkrb13.com) and is the sole property of WKRB News. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://www.wkrb13.com/markets/2065642/arconic-inc-arnc-bonds-drop-1-7-during-trading.html
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.