Arconic Inc (ARNC) Announces Quarterly Earnings Results

Arconic Inc (NASDAQ:ARNC) announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06, Bloomberg Earnings reports. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company’s revenue was up .8% on a year-over-year basis. Arconic updated its FY17 guidance to $1.15-1.20 EPS.

Shares of Arconic (NASDAQ ARNC) opened at 24.29 on Friday. The firm’s market capitalization is $10.71 billion. Arconic has a 52 week low of $16.75 and a 52 week high of $30.69. The company has a 50-day moving average of $24.51 and a 200-day moving average of $26.40.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 0.99%.

In other Arconic news, Director Christopher L. Ayers purchased 7,325 shares of the company’s stock in a transaction on Friday, May 26th. The shares were purchased at an average cost of $27.31 per share, for a total transaction of $200,045.75. Following the completion of the transaction, the director now owns 7,425 shares in the company, valued at $202,776.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elmer L. Doty purchased 6,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the transaction, the director now owns 4,409 shares of the company’s stock, valued at approximately $108,064.59. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 43,325 shares of company stock worth $1,112,056.

A number of hedge funds have recently bought and sold shares of the company. First Financial Equity Corporation bought a new stake in Arconic during the first quarter valued at about $289,000. Fiduciary Trust Co. bought a new stake in Arconic during the second quarter valued at about $111,000. Capstone Investment Advisors Netherlands B.V. increased its stake in Arconic by 47.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after buying an additional 1,604 shares during the last quarter. Pettee Investors Inc. bought a new stake in Arconic during the first quarter valued at about $218,000. Finally, Dai Ichi Life Insurance Company Ltd bought a new stake in Arconic during the first quarter valued at about $221,000.

A number of equities analysts have commented on the stock. Cowen and Company restated a “hold” rating and set a $25.00 price objective on shares of Arconic in a research report on Monday, June 26th. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, June 20th. Seaport Global Securities upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, July 13th. J P Morgan Chase & Co downgraded shares of Arconic to a “neutral” rating and set a $30.00 price target for the company. in a report on Wednesday, April 26th. Finally, Vetr downgraded shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $26.88.

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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.

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