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.
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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