Morgan Stanley restated their hold rating on shares of Arconic (NYSE:ARNC) in a research report released on Friday, Marketbeat.com reports. Morgan Stanley currently has a $28.00 price target on the basic materials company’s stock, down from their previous price target of $30.00.
A number of other equities analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Arconic from a sell rating to a hold rating in a report on Tuesday, December 26th. Wells Fargo & Co initiated coverage on shares of Arconic in a report on Thursday, January 4th. They issued an outperform rating and a $35.00 price objective on the stock. Cowen reissued a hold rating and issued a $25.00 price objective on shares of Arconic in a report on Wednesday, January 3rd. Finally, Seaport Global Securities reissued a buy rating and issued a $33.00 price objective on shares of Arconic in a report on Monday, January 22nd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Arconic currently has a consensus rating of Buy and a consensus price target of $29.89.
Arconic (NYSE ARNC) opened at $25.13 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.26 and a debt-to-equity ratio of 1.40. The stock has a market cap of $12,098.00, a P/E ratio of 20.77, a P/E/G ratio of 0.82 and a beta of 0.93. Arconic has a 1-year low of $21.75 and a 1-year high of $31.17.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 4th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, May 3rd. Arconic’s dividend payout ratio is currently -109.09%.
In other news, Director David P. Hess purchased 40,300 shares of the stock in a transaction on Thursday, February 8th. The shares were acquired at an average price of $24.80 per share, with a total value of $999,440.00. Following the completion of the acquisition, the director now directly owns 127,870 shares of the company’s stock, valued at $3,171,176. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.12% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in Arconic by 74.5% during the third quarter. Janus Henderson Group PLC now owns 143,645 shares of the basic materials company’s stock valued at $3,574,000 after purchasing an additional 61,340 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Arconic by 41.2% in the third quarter. Nordea Investment Management AB now owns 146,279 shares of the basic materials company’s stock worth $3,639,000 after buying an additional 42,702 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Arconic by 7.5% in the third quarter. Cubist Systematic Strategies LLC now owns 121,200 shares of the basic materials company’s stock worth $3,015,000 after buying an additional 8,501 shares in the last quarter. Trinity Street Asset Management LLP lifted its holdings in shares of Arconic by 11.4% in the fourth quarter. Trinity Street Asset Management LLP now owns 1,407,826 shares of the basic materials company’s stock worth $38,363,000 after buying an additional 143,760 shares in the last quarter. Finally, ING Groep NV purchased a new position in shares of Arconic in the third quarter worth $835,000. 74.85% of the stock is currently owned by institutional investors and hedge funds.
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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.
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