Arconic (NYSE:ARNC) Stock Rating Lowered by Zacks Investment Research

Arconic (NYSE:ARNC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Arconic Corporation is a provider of aluminum sheet, plate and extrusions, as well as architectural products to transportation, aerospace, industrial, packaging and building and construction markets. Arconic Corporation is headquartered in Pittsburgh, Pennsylvania. “

Separately, The Goldman Sachs Group started coverage on shares of Arconic in a research note on Thursday, September 9th. They issued a “neutral” rating and a $39.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.00.

Shares of ARNC stock traded up $0.16 during trading hours on Thursday, hitting $31.40. The company had a trading volume of 39,368 shares, compared to its average volume of 691,135. Arconic has a fifty-two week low of $20.88 and a fifty-two week high of $38.49. The company’s fifty day moving average is $33.59 and its 200 day moving average is $33.26. The stock has a market capitalization of $3.43 billion, a PE ratio of -7.91 and a beta of 2.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.63 and a quick ratio of 0.88.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, August 2nd. The basic materials company reported ($3.89) EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($4.36). The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Arconic had a negative net margin of 6.83% and a positive return on equity of 5.90%. The company’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.88) earnings per share. Equities analysts forecast that Arconic will post 1.52 earnings per share for the current year.

In other news, Director E Stanley Oneal purchased 15,400 shares of the stock in a transaction dated Thursday, August 5th. The stock was acquired at an average price of $32.45 per share, for a total transaction of $499,730.00. Following the completion of the transaction, the director now owns 137,697 shares of the company’s stock, valued at $4,468,267.65. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. boosted its position in shares of Arconic by 4.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 396,762 shares of the basic materials company’s stock valued at $7,583,000 after acquiring an additional 15,182 shares during the period. Teacher Retirement System of Texas boosted its holdings in Arconic by 22.5% in the first quarter. Teacher Retirement System of Texas now owns 11,002 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 2,024 shares during the last quarter. Sei Investments Co. boosted its holdings in Arconic by 83.0% during the first quarter. Sei Investments Co. now owns 385,186 shares of the basic materials company’s stock worth $9,718,000 after buying an additional 174,759 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Arconic by 47.5% during the first quarter. JPMorgan Chase & Co. now owns 842,196 shares of the basic materials company’s stock worth $21,384,000 after buying an additional 271,059 shares during the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in shares of Arconic by 30.6% during the 1st quarter. Ensign Peak Advisors Inc now owns 73,900 shares of the basic materials company’s stock valued at $1,876,000 after purchasing an additional 17,300 shares in the last quarter. Institutional investors own 94.42% of the company’s stock.

About Arconic

Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.

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