Arconic (NYSE:ARNC) was downgraded by equities researchers at Longbow Research from a “buy” rating to a “neutral” rating in a report released on Monday, The Fly reports.
A number of other analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Arconic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 26th. Wells Fargo assumed coverage on shares of Arconic in a research note on Thursday, January 4th. They issued an “outperform” rating and a $35.00 price target for the company. Cowen reiterated a “hold” rating and set a $25.00 target price on shares of Arconic in a research note on Wednesday, January 3rd. Seaport Global Securities reiterated a “buy” rating and set a $33.00 target price on shares of Arconic in a research note on Monday, January 22nd. Finally, Barclays assumed coverage on shares of Arconic in a research note on Thursday, March 29th. They set an “equal weight” rating and a $26.00 target price for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $29.00.
Shares of NYSE:ARNC opened at $23.26 on Monday. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.26 and a quick ratio of 1.38. The firm has a market capitalization of $11,229.28, a P/E ratio of 19.07, a P/E/G ratio of 0.78 and a beta of 1.13. Arconic has a 12-month low of $21.75 and a 12-month high of $31.17.
In other Arconic news, Director David P. Hess bought 40,300 shares of the stock in a transaction on Thursday, February 8th. The stock was purchased at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the purchase, the director now directly owns 127,870 shares in the company, valued at $3,171,176. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC acquired a new position in shares of Arconic during the fourth quarter valued at $142,000. Lazard Asset Management LLC acquired a new position in shares of Arconic during the fourth quarter valued at $167,000. Bluestein R H & Co. acquired a new position in shares of Arconic during the fourth quarter valued at $204,000. Fox Run Management L.L.C. acquired a new position in shares of Arconic during the fourth quarter valued at $205,000. Finally, UMB Bank N A MO acquired a new position in shares of Arconic during the fourth quarter valued at $212,000. Hedge funds and other institutional investors own 80.33% of the company’s stock.
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Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions 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, as well as various forged, extruded, and machined metal products.
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