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Jun 29, 2023

StockNews.com Begins Coverage on Arconic (NYSE:ARNC)

Stock analysts at StockNews.com assumed coverage on shares of Arconic (NYSE:ARNC - Get Free Report) in a research report issued to clients and investors on Monday. The firm set a "hold" rating on the

Stock analysts at StockNews.com assumed coverage on shares of Arconic (NYSE:ARNC - Get Free Report) in a research report issued to clients and investors on Monday. The firm set a "hold" rating on the basic materials company's stock.

Separately, Benchmark cut shares of Arconic from a "buy" rating to a "hold" rating in a report on Friday, May 5th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat.com, Arconic currently has a consensus rating of "Hold" and an average target price of $22.67.

Get Our Latest Research Report on ARNC

ARNC opened at $29.99 on Monday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.62 and a quick ratio of 0.80. Arconic has a 12 month low of $16.33 and a 12 month high of $30.02. The stock has a market capitalization of $3.01 billion, a P/E ratio of -11.90 and a beta of 1.82. The business has a 50 day simple moving average of $29.73 and a 200-day simple moving average of $27.68.

Arconic (NYSE:ARNC - Get Free Report) last released its earnings results on Monday, July 31st. The basic materials company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. Arconic had a positive return on equity of 8.18% and a negative net margin of 3.12%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the company earned $1.05 earnings per share. Arconic's quarterly revenue was down 21.9% compared to the same quarter last year. On average, equities analysts anticipate that Arconic will post 1.5 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its position in Arconic by 2.4% during the second quarter. PNC Financial Services Group Inc. now owns 14,251 shares of the basic materials company's stock worth $422,000 after acquiring an additional 339 shares during the last quarter. Arizona State Retirement System lifted its stake in Arconic by 1.5% in the 1st quarter. Arizona State Retirement System now owns 29,405 shares of the basic materials company's stock valued at $771,000 after buying an additional 435 shares in the last quarter. Captrust Financial Advisors grew its holdings in Arconic by 21.9% during the 1st quarter. Captrust Financial Advisors now owns 3,666 shares of the basic materials company's stock valued at $94,000 after buying an additional 659 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Arconic by 5.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,680 shares of the basic materials company's stock worth $311,000 after buying an additional 702 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Arconic by 8.4% in the second quarter. Creative Planning now owns 9,314 shares of the basic materials company's stock worth $276,000 after acquiring an additional 722 shares during the last quarter. 91.16% of the stock is currently owned by hedge funds and other institutional investors.

Arconic Corporation manufactures and sells fabricated aluminum sheets, plates, extrusions, and architectural products and systems in the United States and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions. The Rolled Products segment provides a range of aluminum sheet and plate products for aerospace, ground transportation, packaging, building and construction, and industrial products; and roofing, architectural composite panels, ventilated facades and ceiling panels, spacers, culvert pipes, and gutters for building and construction markets.

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