Vetr Inc. Upgrades Arconic Inc (ARNC) to “Buy”

Arconic Inc (NASDAQ:ARNC) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a research report issued on Tuesday, October 17th. The firm presently has a $27.97 price target on the basic materials company’s stock. Vetr‘s target price would suggest a potential upside of 10.01% from the company’s current price.

A number of other analysts also recently commented on the company. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Seaport Global Securities reissued a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co raised Arconic from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $30.00 to $29.00 in a research report on Monday, July 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $28.33.

Shares of Arconic (NASDAQ:ARNC) traded up $0.09 during trading on Tuesday, hitting $25.43. The stock had a trading volume of 806,374 shares, compared to its average volume of 4,440,000. Arconic has a 12-month low of $16.75 and a 12-month high of $30.69.

Arconic (NASDAQ:ARNC) last issued its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a return on equity of 7.07% and a net margin of 3.68%. Arconic’s revenue was up 3.1% compared to the same quarter last year.

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In other news, Director James F. Albaugh purchased 5,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average price of $24.94 per share, with a total value of $124,700.00. Following the completion of the purchase, the director now directly owns 9,409 shares in the company, valued at approximately $234,660.46. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Patricia F. Russo purchased 15,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average cost of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now owns 7,928 shares of the company’s stock, valued at $194,790.96. The disclosure for this purchase can be found here. Insiders have purchased 26,000 shares of company stock valued at $640,310 in the last three months.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Financial Equity Corporation purchased a new position in Arconic during the 1st quarter valued at about $289,000. Fiduciary Trust Co. purchased a new position in Arconic during the 2nd quarter valued at about $111,000. Capstone Investment Advisors Netherlands B.V. increased its holdings in Arconic by 47.9% during the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,604 shares during the period. Huntington National Bank purchased a new position in Arconic during the 3rd quarter valued at about $132,000. Finally, Pitcairn Co. purchased a new position in Arconic during the 3rd quarter valued at about $209,000.

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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