Arconic Inc (ARNC) Price Target Raised to $32.00

Arconic Inc (NASDAQ:ARNC) had its target price lifted by analysts at Deutsche Bank AG to $32.00 in a report issued on Tuesday. Deutsche Bank AG’s target price indicates a potential upside of 15.11% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Arconic from a “sell” rating to a “hold” rating in a report on Tuesday, December 13th. TheStreet raised shares of Arconic from a “d+” rating to a “c” rating in a report on Friday, January 13th. Finally, Argus raised shares of Arconic from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Thursday, December 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $24.00.

Shares of Arconic (NASDAQ:ARNC) opened at 27.87 on Tuesday. The company’s market cap is $12.28 billion. The firm’s 50 day moving average is $27.55 and its 200 day moving average is $22.46. Arconic has a 12 month low of $16.75 and a 12 month high of $30.69.

Arconic (NASDAQ:ARNC) last announced its earnings results on Tuesday, January 31st. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the previous year, the company earned $0.04 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts predict that Arconic will post $1.10 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Friday, May 5th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, May 3rd. This represents a $0.24 annualized dividend and a dividend yield of 0.86%.

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In other news, major shareholder International L.P. Elliott purchased 544,000 shares of Arconic stock in a transaction that occurred on Tuesday, January 24th. The shares were acquired at an average price of $21.61 per share, for a total transaction of $11,755,840.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Associates L.P. Elliott purchased 72,000 shares of Arconic stock in a transaction that occurred on Friday, February 3rd. The shares were purchased at an average price of $25.57 per share, for a total transaction of $1,841,040.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,941,001 shares of company stock worth $79,150,049 in the last quarter.

About Arconic

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.

5 Day Chart for NASDAQ:ARNC

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