Arconic Co. (NYSE:ARNC) Director Purchases $198,400.00 in Stock

Arconic Co. (NYSE:ARNCGet Rating) Director William F. Austen bought 10,000 shares of Arconic stock in a transaction that occurred on Monday, November 21st. The shares were bought at an average cost of $19.84 per share, with a total value of $198,400.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $198,400. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

Arconic Stock Performance

NYSE ARNC opened at $22.69 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.65 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $2.30 billion, a P/E ratio of 50.42 and a beta of 2.00. Arconic Co. has a 12-month low of $16.33 and a 12-month high of $35.74. The firm has a 50-day moving average price of $19.85 and a two-hundred day moving average price of $24.90.

Arconic (NYSE:ARNCGet Rating) last posted its quarterly earnings data on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). Arconic had a net margin of 0.58% and a return on equity of 8.54%. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the firm earned $0.15 EPS. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. Analysts anticipate that Arconic Co. will post 1.15 earnings per share for the current year.

Arconic announced that its Board of Directors has authorized a share buyback program on Wednesday, November 16th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on ARNC. Deutsche Bank Aktiengesellschaft downgraded shares of Arconic from a “buy” rating to a “hold” rating and reduced their target price for the stock from $23.00 to $22.00 in a report on Thursday, November 3rd. The Goldman Sachs Group reduced their target price on shares of Arconic from $35.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, October 13th. StockNews.com downgraded shares of Arconic from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Finally, Benchmark cut their price objective on shares of Arconic from $35.00 to $30.00 in a report on Wednesday, November 2nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.50.

Institutional Trading of Arconic

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Arconic by 5.1% during the 1st quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock worth $520,389,000 after acquiring an additional 991,281 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Arconic by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,898,182 shares of the basic materials company’s stock worth $202,745,000 after acquiring an additional 111,451 shares during the period. State Street Corp increased its position in Arconic by 50.5% during the 1st quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock worth $211,093,000 after purchasing an additional 2,765,816 shares in the last quarter. FMR LLC increased its position in Arconic by 23.0% during the 2nd quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock worth $148,979,000 after purchasing an additional 992,501 shares in the last quarter. Finally, Harris Associates L P increased its position in Arconic by 0.4% during the 1st quarter. Harris Associates L P now owns 5,064,909 shares of the basic materials company’s stock worth $129,763,000 after purchasing an additional 22,026 shares in the last quarter. Institutional investors own 95.87% of the company’s stock.

About Arconic

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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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