Several other equities research analysts have also weighed in on the stock. Jefferies Financial Group increased their target price on shares of Arconic from $23.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Morgan Stanley increased their target price on shares of Arconic from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Longbow Research lowered shares of Arconic from a “buy” rating to a “neutral” rating in a report on Thursday, July 18th. Goldman Sachs Group upgraded shares of Arconic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $21.00 to $26.00 in a report on Thursday, May 2nd. Finally, Cowen reiterated a “hold” rating and issued a $24.00 target price on shares of Arconic in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $23.47.
ARNC stock traded down $0.60 during midday trading on Thursday, reaching $23.76. The company’s stock had a trading volume of 4,908,393 shares, compared to its average volume of 2,084,064. Arconic has a 52 week low of $15.63 and a 52 week high of $26.40. The stock has a market capitalization of $11.23 billion, a PE ratio of 17.47 and a beta of 1.50. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.94 and a current ratio of 1.65. The stock’s 50-day moving average price is $25.10.
Several large investors have recently modified their holdings of the stock. FMR LLC increased its stake in Arconic by 6,482.8% in the 4th quarter. FMR LLC now owns 4,526,809 shares of the basic materials company’s stock valued at $76,322,000 after buying an additional 4,458,042 shares during the last quarter. Norges Bank acquired a new stake in Arconic in the 4th quarter valued at $42,750,000. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in Arconic in the 1st quarter valued at $20,767,000. First Trust Advisors LP acquired a new stake in Arconic in the 2nd quarter valued at $25,790,000. Finally, State of New Jersey Common Pension Fund D increased its stake in Arconic by 28.9% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 2,900,000 shares of the basic materials company’s stock valued at $55,419,000 after buying an additional 650,000 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
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.
Read More: What is the definition of a trade war?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.