Arconic Inc (ARNC) Bonds Drop 1.7% During Trading

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.

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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.

5 Day Chart for NASDAQ:ARNC

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