Arconic (NYSE:ARNC) Research Coverage Started at StockNews.com

Posted by on Jun 17th, 2023

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

Several other equities research analysts also recently commented on the company. Benchmark downgraded Arconic from a “buy” rating to a “hold” rating in a report on Friday, May 5th. The Goldman Sachs Group lowered shares of Arconic from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $23.00 to $21.00 in a research note on Tuesday, February 28th. Wolfe Research lowered shares of Arconic from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 12th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Arconic from $23.00 to $21.00 in a research note on Wednesday, February 22nd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.67.

Arconic Trading Up 0.1 %

NYSE ARNC opened at $29.20 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.52 and a debt-to-equity ratio of 1.14. Arconic has a twelve month low of $16.33 and a twelve month high of $30.68. The firm has a market capitalization of $2.93 billion, a PE ratio of -14.31 and a beta of 1.90. The stock’s 50 day moving average is $27.45 and its 200 day moving average is $25.15.

Arconic (NYSE:ARNC – Get Rating) last released its earnings results on Thursday, May 4th. The basic materials company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). Arconic had a positive return on equity of 8.21% and a negative net margin of 2.29%. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period last year, the firm posted $0.39 earnings per share. The company’s revenue was down 12.0% compared to the same quarter last year. Research analysts forecast that Arconic will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Arconic

Large investors have recently added to or reduced their stakes in the business. Partners Capital Investment Group LLP bought a new stake in Arconic during the third quarter valued at approximately $31,000. Byrne Asset Management LLC bought a new stake in Arconic during the first quarter valued at approximately $33,000. Point72 Hong Kong Ltd bought a new stake in Arconic during the third quarter valued at approximately $49,000. Clear Street Markets LLC bought a new stake in Arconic during the fourth quarter valued at approximately $59,000. Finally, State of Wyoming grew its position in Arconic by 62.3% during the fourth quarter. State of Wyoming now owns 2,944 shares of the basic materials company’s stock valued at $62,000 after buying an additional 1,130 shares during the period. 93.90% of the stock is currently owned by institutional investors.

Arconic Company Profile

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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.

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