Brokerages expect Arconic Inc (NASDAQ:ARNC) to post $3.22 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Arconic’s earnings. The highest sales estimate is $3.43 billion and the lowest is $3.07 billion. Arconic reported sales of $5.3 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 39.2%. The company is expected to report its next earnings results after the market closes on Tuesday, July 25th.
According to Zacks, analysts expect that Arconic will report full-year sales of $3.22 billion for the current fiscal year, with estimates ranging from $11.89 billion to $13.13 billion. For the next financial year, analysts forecast that the firm will post sales of $13.1 billion per share, with estimates ranging from $12.48 billion to $14.44 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Arconic.
Arconic (NASDAQ:ARNC) last posted its earnings results on Tuesday, April 25th. The basic materials company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.08. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3 billion. The company’s revenue was down 4.3% compared to the same quarter last year.
A number of equities analysts have recently issued reports on the stock. Vetr cut shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price objective on the stock. in a research report on Monday, May 15th. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. JPMorgan Chase & Co. cut shares of Arconic to a “neutral” rating and set a $30.00 price objective on the stock. in a research report on Wednesday, April 26th. Deutsche Bank AG reissued a “buy” rating and set a $32.00 price objective on shares of Arconic in a research report on Wednesday, April 19th. Finally, Longbow Research assumed coverage on shares of Arconic in a research report on Friday, March 31st. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $25.11.
In other Arconic news, major shareholder Associates L.P. Elliott bought 240,000 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were bought at an average price of $30.46 per share, for a total transaction of $7,310,400.00. Following the acquisition, the insider now directly owns 15,936,682 shares of the company’s stock, valued at approximately $485,431,333.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought a total of 784,001 shares of company stock worth $23,488,669 in the last three months.
Several large investors have recently bought and sold shares of the company. Tricadia Capital Management LLC acquired a new stake in Arconic during the first quarter worth $8,179,000. Northwestern Mutual Investment Management Company LLC raised its stake in Arconic by 76.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 89,052 shares of the basic materials company’s stock worth $2,346,000 after buying an additional 38,702 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in Arconic by 11.3% in the first quarter. Levin Capital Strategies L.P. now owns 48,323 shares of the basic materials company’s stock worth $1,273,000 after buying an additional 4,890 shares in the last quarter. Condor Capital Management raised its stake in Arconic by 42.5% in the first quarter. Condor Capital Management now owns 32,441 shares of the basic materials company’s stock worth $855,000 after buying an additional 9,682 shares in the last quarter. Finally, Quantitative Investment Management LLC raised its stake in Arconic by 21.7% in the first quarter. Quantitative Investment Management LLC now owns 441,800 shares of the basic materials company’s stock worth $11,637,000 after buying an additional 78,700 shares in the last quarter.
Arconic (NASDAQ:ARNC) traded up 2.45% on Thursday, reaching $27.58. The company’s stock had a trading volume of 2,011,388 shares. Arconic has a 12 month low of $16.75 and a 12 month high of $30.69. The company’s market cap is $12.16 billion. The stock’s 50 day moving average price is $26.75 and its 200 day moving average price is $24.07.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 25th. Stockholders of record on Friday, May 5th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, May 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.87%.
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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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