Arconic (NYSE:ARNC) PT Raised to $26.00 at Morgan Stanley

Arconic (NYSE:ARNC) had its target price lifted by equities research analysts at Morgan Stanley from $25.00 to $26.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s price objective suggests a potential downside of 1.70% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of Arconic from a “neutral” rating to an “overweight” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Barclays raised shares of Arconic from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $20.00 to $31.00 in a research report on Wednesday, August 7th. Longbow Research downgraded shares of Arconic from a “buy” rating to a “neutral” rating in a research report on Thursday, July 18th. Jefferies Financial Group boosted their price objective on shares of Arconic from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, ValuEngine downgraded shares of Arconic from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $25.78.

NYSE:ARNC opened at $26.45 on Thursday. The company has a current ratio of 1.66, a quick ratio of 0.94 and a debt-to-equity ratio of 1.23. Arconic has a 12 month low of $15.63 and a 12 month high of $27.41. The company has a market cap of $11.26 billion, a PE ratio of 15.42 and a beta of 1.48. The company has a 50 day simple moving average of $25.89 and a two-hundred day simple moving average of $23.73.

Arconic (NYSE:ARNC) last posted its earnings results on Friday, August 2nd. The basic materials company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. Arconic had a net margin of 3.13% and a return on equity of 15.38%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. Research analysts forecast that Arconic will post 2.06 earnings per share for the current year.

In other news, Chairman John C. Plant bought 30,463 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $24.13 per share, with a total value of $735,072.19. Following the acquisition, the chairman now owns 28,282 shares of the company’s stock, valued at approximately $682,444.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy Donald Myers sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total transaction of $253,300.00. Following the completion of the transaction, the insider now directly owns 23,759 shares of the company’s stock, valued at approximately $601,815.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,205,556 shares of company stock valued at $179,707,601. Insiders own 0.14% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. First Pacific Advisors LP boosted its holdings in Arconic by 0.5% in the 1st quarter. First Pacific Advisors LP now owns 26,330,018 shares of the basic materials company’s stock worth $503,167,000 after buying an additional 141,567 shares during the period. Prudential Financial Inc. boosted its holdings in Arconic by 91.1% in the 2nd quarter. Prudential Financial Inc. now owns 7,138,305 shares of the basic materials company’s stock worth $184,311,000 after buying an additional 3,402,531 shares during the period. Northern Trust Corp boosted its holdings in Arconic by 1.7% in the 1st quarter. Northern Trust Corp now owns 4,725,873 shares of the basic materials company’s stock worth $90,312,000 after buying an additional 80,252 shares during the period. Nuveen Asset Management LLC bought a new position in Arconic in the 2nd quarter worth $85,215,000. Finally, LSV Asset Management bought a new position in Arconic in the 2nd quarter worth $72,241,000. 82.52% of the stock is owned by institutional investors.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

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