Arconic (NYSE:ARNC) Given New $23.00 Price Target at Morgan Stanley

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.



Arconic (NYSE:ARNC) last issued its earnings results on Tuesday, April 30th. The basic materials company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Arconic had a return on equity of 13.53% and a net margin of 4.86%. The business had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. On average, sell-side analysts predict that Arconic will post 1.87 earnings per share for the current fiscal year.

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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Analyst Recommendations for Arconic (NYSE:ARNC)

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