Company shares last traded at $24.60 just a bit lower than the 50 day moving average of $26.10 and which is a tad under the 200 day moving average of $25.89. The stock now has an average rating of Hold and an average price target of $27.36.
A number of brokerages recently issued reports on ARNC. Zacks Investment Research upgraded shares of Arconic from a "hold" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Tuesday, September 12th.
For the year, Arconic now predicts it will post sales of $12.6 billion to $12.8 billion, ahead of its previous guidance of $12.3 billion to $12.7 billion. Vetr cut Arconic from a "strong-buy" rating to a "buy" rating and set a $28.78 price target on the stock.in a research note on Tuesday, July 25th. Longbow Research raised Arconic from a "neutral" rating to a "buy" rating and set a $34.00 price target on the stock in a research note on Tuesday, August 22nd. Arconic has an average rating of "Hold" and an average price target of $27.36.
Arconic (NASDAQ:ARNC) last issued its earnings results on Monday, July 24th. The 50 day moving average was down by -5.7660% whereas the 200 day moving average was down $-1.29 or -4.9933%.
There has been some buying insider activity on Arconic Inc. The company's market cap is $11.98 billion.
Arconic Inc. named former General Electric Co. executive Chip Blankenship as its new leader, roughly six months after its prior chief executive stepped down after sending an unauthorized letter to an activist investor. "We have confidence that Chip will deliver the results and returns that Arconic is capable of producing", Dave Miller, senior portfolio manager at Elliott, said in a statement. The business's revenue was up.8% compared to the same quarter previous year.
WARNING: "Arconic's (ARNC) "Hold" Rating Reaffirmed at Cowen and Company" was originally published by BBNS and is the property of of BBNS. If you are viewing this piece on another publication, it was stolen and republished in violation of global copyright and trademark law. The original version of this report can be accessed at https://baseballnewssource.com/markets/arconics-arnc-hold-rating-reaffirmed-at-cowen-and-company/1726000.html. This represents a $0.24 annualized dividend and a yield of 0.88%.
In related news, Director Elmer L. Doty purchased 6,000 shares of the firm's stock in a transaction on Thursday, August 10th. James F. Albaugh, Director bought $124,700 worth of shares at an average price of $24.94 on Wednesday the 9th. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. The shares were bought at an average cost of $24.94 per share, with a total value of $124,700.00. Following the completion of the purchase, the director now owns 7,928 shares of the company's stock, valued at approximately $194,790.96. The disclosure for this purchase can be found here. The total value of its holdings decreased 20.5%. State Treasurer State Of Michigan controls 117,734 shares worth $2,929,000. First Allied Advisory Services Inc. increased its holdings in shares of Arconic by 1.7% in the second quarter. Arconic's stock was down 3% at $26.33 in early trading.
United States specialty metals maker Arconic on Monday named a veteran of General Electric as chief executive, six months after the company's former CEO resigned under pressure from its largest shareholder. 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.