Arconic (NYSE: ARNC) High “Overweight” at JPMorgan Chase & Co.
Arconic (NYSE: ARNC) was lifted by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report released Friday to clients and investors, reports Price Targets.com. The brokerage currently has a price target of $ 40.00 on the stocks of the basic materials company. JPMorgan Chase & Co.’s price target indicates a potential rise of 28.08% from the company’s current price.
A number of other brokerages have also recently published reports on ARNC. TheStreet downgraded Arconic’s shares from a “d” rating to a “c” rating in a Wednesday October 13th research note. Wolfe Research provided coverage on Arconic in a research report on Tuesday, November 16. They issued an “outperformance” rating and a target price of $ 42.00 for the company. The Goldman Sachs group provided coverage on Arconic in a research report on Thursday, September 9. They issued a “neutral” rating and a target price of $ 39.00 for the company. Deutsche Bank Aktiengesellschaft lowered its price target on Arconic from $ 48.00 to $ 42.00 and set a “buy” note for the company in a research report released on Thursday, November 4. Finally, Zacks Investment Research downgraded Arconic from a “hold” rating to a “strong sell” rating in a research report released Thursday, October 14. One research analyst rated the stock with a sell rating, another assigned a conservation rating, and four assigned a buy rating to the stock. According to MarketBeat data, the stock has a consensus rating of “Buy” and an average price target of $ 39.67.
Arconic stock traded up $ 1.39 at midday on Friday, reaching $ 31.23. The stock had a trading volume of 69,606 shares, compared to its average volume of 846,692. The company has a market cap of $ 3.33 billion, a price-to-earnings ratio of -8.03 and a beta. of 2.59. The company has a 50-day moving average price of $ 30.47 and a two-cent moving average price of $ 33.31. Arconic has a one-year low of $ 21.80 and a one-year high of $ 38.49. The company has a debt to equity ratio of 1.01, a current ratio of 1.57, and a rapid ratio of 0.78.
Arconic (NYSE: ARNC) last reported its quarterly results on Tuesday, November 2. The basic materials company reported earnings per share (EPS) of $ 0.15 for the quarter, missing Zacks’ consensus estimate of $ 0.52 ($ 0.37). Arconic recorded a positive return on equity of 6.53% and a negative net margin of 6.20%. In the same quarter of the previous year, the company posted earnings per share of $ 0.05. On average, equity research analysts predict Arconic will post earnings per share of 1.19 for the current fiscal year.
Several hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its position in Arconic shares by 3.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,657 shares of the basic materials company valued at $ 308,000 after purchasing an additional 320 shares in the last quarter. CIBC Asset Management Inc increased its position in Arconic shares by 5.3% during the 3rd quarter. CIBC Asset Management Inc. now owns 7,651 shares of the basic materials company valued at $ 241,000 after purchasing 382 additional shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Arconic by 6.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,138 shares of the basic materials company valued at $ 257,000 after acquiring an additional 507 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Arconic by 3.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 14,109 shares of the basic materials company valued at $ 504,000 after acquiring an additional 532 shares in the last quarter. Finally, Shell Asset Management Co. increased its stake in Arconic by 5.7% in the second quarter. Shell Asset Management Co. now owns 11,904 shares of the basic materials company valued at $ 424,000 after acquiring 640 additional shares in the last quarter. 94.33% of the shares are held by hedge funds and other institutional investors.
Arconic Company Profile
Arconic Corporation manufactures and sells aluminum sheet, plate, profiles and architectural products to the United States, Canada, China, France, Germany, Hungary, Russia and the United Kingdom. It operates through three segments: Rolled Products, Extrusions and Building and Construction Systems.
Read more: Fundamental Analysis – How It Helps Investors
Should you invest $ 1,000 in Arconic now?
Before you consider Arconic, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts quietly whisper to their clients to buy now before the broader market takes hold of… and Arconic was not on the list.
Although Arconic currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better bids.
See the 5 actions here