Arconic (NYSE:ARNC) had its price objective lifted by Morgan Stanley from $21.00 to $23.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. They currently have an equal weight rating on the basic materials company’s stock.
ARNC has been the subject of a number of other reports. Jefferies Financial Group decreased their target price on Seres Therapeutics from $6.00 to $4.00 and set a hold rating for the company in a research report on Monday, July 1st. Goldman Sachs Group set a €14.15 ($16.45) target price on Assicurazioni Generali and gave the company a sell rating in a research report on Thursday, May 2nd. Zacks Investment Research lowered Guardant Health from a hold rating to a sell rating in a research report on Monday, March 18th. Cowen reaffirmed a hold rating and issued a $103.00 target price on shares of United Therapeutics in a research report on Wednesday, May 1st. Finally, ValuEngine lowered China Southern Airlines from a hold rating to a sell rating in a research report on Monday, April 29th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $23.47.
Shares of Arconic stock opened at $26.00 on Wednesday. Arconic has a one year low of $15.63 and a one year high of $26.40. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 17.74 and a beta of 1.46. The company has a 50-day moving average price of $23.96. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.65 and a quick ratio of 0.94.
In related news, CEO John C. Plant acquired 50,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average cost of $22.14 per share, with a total value of $1,107,000.00. Following the acquisition, the chief executive officer now owns 28,282 shares of the company’s stock, valued at approximately $626,163.48. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rajiv Gupta acquired 22,603 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $22.10 per share, with a total value of $499,526.30. Following the completion of the acquisition, the director now directly owns 38,420 shares in the company, valued at approximately $849,082. The disclosure for this purchase can be found here. Insiders own 0.14% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its stake in Arconic by 2.0% in the second quarter. Nisa Investment Advisors LLC now owns 25,355 shares of the basic materials company’s stock valued at $655,000 after purchasing an additional 500 shares during the last quarter. CENTRAL TRUST Co lifted its stake in Arconic by 1,170.8% in the second quarter. CENTRAL TRUST Co now owns 16,927 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 15,595 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Arconic by 22.3% in the second quarter. Xact Kapitalforvaltning AB now owns 43,914 shares of the basic materials company’s stock valued at $1,134,000 after purchasing an additional 8,010 shares during the last quarter. Exane Derivatives purchased a new position in Arconic in the second quarter valued at approximately $3,689,000. Finally, Patten & Patten Inc. TN purchased a new position in Arconic in the second quarter valued at approximately $274,000. 83.80% of the stock is owned by hedge funds and other 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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