Arconic Inc (ARNC) Downgraded to “Hold” at Vetr Inc.

Vetr lowered shares of Arconic Inc (NASDAQ:ARNC) from a strong-buy rating to a hold rating in a report issued on Monday. The brokerage currently has $27.98 price objective on the basic materials company’s stock.

ARNC has been the topic of a number of other research reports. Cowen and Company reiterated a hold rating and set a $25.00 price objective on shares of Arconic in a research report on Monday, June 26th. Seaport Global Securities upgraded shares of Arconic from a neutral rating to a buy rating and set a $27.00 price objective on the stock in a research report on Thursday, July 13th. J P Morgan Chase & Co upgraded shares of Arconic from a neutral rating to an overweight rating and cut their price objective for the company from $30.00 to $29.00 in a research report on Monday, July 10th. Deutsche Bank AG reiterated a buy rating on shares of Arconic in a research report on Saturday, June 24th. Finally, Morgan Stanley reiterated an equal weight rating on shares of Arconic in a research report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Arconic has an average rating of Hold and an average target price of $27.36.

Shares of Arconic (NASDAQ ARNC) traded down 1.34% during midday trading on Monday, reaching $27.19. 495,153 shares of the company’s stock traded hands. The company has a 50-day moving average of $25.82 and a 200-day moving average of $25.87. The company’s market capitalization is $11.99 billion. Arconic has a one year low of $16.75 and a one year high of $30.69.

Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts anticipate that Arconic will post $1.18 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Thursday, November 2nd.

In related news, Director Patricia F. Russo bought 15,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average cost of $24.57 per share, with a total value of $368,550.00. Following the completion of the purchase, the director now owns 7,928 shares of the company’s stock, valued at $194,790.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Elmer L. Doty bought 6,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were bought at an average cost of $24.51 per share, with a total value of $147,060.00. Following the completion of the purchase, the director now directly owns 4,409 shares of the company’s stock, valued at approximately $108,064.59. The disclosure for this purchase can be found here. Insiders have bought 26,000 shares of company stock valued at $640,310 over the last three months.

Several institutional investors and hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in shares of Arconic by 0.5% during the second quarter. CIBC Asset Management Inc now owns 33,622 shares of the basic materials company’s stock valued at $762,000 after purchasing an additional 165 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Arconic by 0.7% during the second quarter. Louisiana State Employees Retirement System now owns 27,300 shares of the basic materials company’s stock valued at $618,000 after purchasing an additional 200 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Arconic by 3.3% during the first quarter. Pacer Advisors Inc. now owns 8,956 shares of the basic materials company’s stock valued at $236,000 after purchasing an additional 286 shares during the period. First Allied Advisory Services Inc. boosted its stake in shares of Arconic by 1.7% during the second quarter. First Allied Advisory Services Inc. now owns 18,249 shares of the basic materials company’s stock valued at $418,000 after purchasing an additional 307 shares during the period. Finally, Lincoln National Corp boosted its stake in shares of Arconic by 3.0% during the second quarter. Lincoln National Corp now owns 20,324 shares of the basic materials company’s stock valued at $461,000 after purchasing an additional 595 shares during the period.

Arconic Company Profile

Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Arconic (NASDAQ:ARNC)

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