Economy

Arconic Inc (ARNC) Stock Price Down 10.4% After Earnings Miss

Arconic Inc (ARNC) Stock Price Down 10.4% After Earnings Miss”

A number of research analysts recently weighed in on the company. Deutsche Bank AG reaffirmed a buy rating on shares of Arconic in a report on Saturday, June 24th. The stock had previously closed at $27.17.

Arconic tapped Chip Blankenship as its CEO although Elliott Management, which holds a 12.1 percent stake, had another choice in mind. Vetr upgraded Arconic to a strong-buy rating in a research report on Thursday, July 27th. It also has been trying to get Arconic to boost its stock price.

Shares of Arconic (NASDAQ:ARNC) traded up 1.84% during midday trading on Thursday, hitting $27.17. This works out to a net increase in ownership of 16.89 million shares, and suggests that institutions are feeling bullish about the stock. The stock has a 50 day moving average of $26.07 and a 200 day moving average of $25.87.

In terms of earnings per share, 7 analysts have a 0.25 EPS mean target for the quarter ending Dec-17, for the quarter ending Mar-18, 4 analysts have a 0.37 EPS mean target and for the quarter ending Mar-18 there are 9 estimates of 1.18 EPS.

Looking forward, for the quarter ending Dec-17, 6 analysts have a mean sales target of 3,005.23 million. The firm's quarterly revenue was up 3.1% compared to the same quarter a year ago. Equities analysts predict that Arconic will post $1.18 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: "Arconic Inc (ARNC) Issues FY17 Earnings Guidance" was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of USA & worldwide copyright and trademark laws. Investors of record on Friday, November 3rd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.99%.

In other Arconic news, Director Patricia F. Russo bought 15,000 shares of the firm's stock in a transaction on Tuesday, August 15th. In a transaction dated August 09, 2017, the shares were bought at an average price of $24.94, giving away a sum of $124,700. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Elmer L. Doty bought 6,000 shares of the firm's stock in a transaction on Thursday, August 10th. 30, 2017, the great number of shares acquired came courtesy the Director; Merrin Patrice E added a total of 10,000 shares at an average price of $27.17, amounting to approximately $271,700. Following the purchase, the director now directly owns 4,409 shares of the company's stock, valued at $108,064.59. The disclosure for this purchase can be found here. The stock has risen 1 percent in the last 12 months. Lincoln National Corp increased its holdings in shares of Arconic by 3.0% in the second quarter. Wellington Management Group LLP now owns 301,407 shares of the basic materials company's stock worth $7,939,000 after acquiring an additional 48,951 shares during the period.

"Arconic is a company with significant strengths and tremendous potential", Blankenship said in a news release. Vanguard Group Inc is the second biggest holder with 43 million shares now valued at 973.69 million whilst First Pacific Advisors, LLC has 21 million shares valued at 466.09 million. First Allied Advisory Services Inc. now owns 18,249 shares of the basic materials company's stock worth $418,000 after buying an additional 307 shares during the period. Ngam Advisors L.P. now owns 42,430 shares of the basic materials company's stock worth $1,118,000 after acquiring an additional 5,797 shares during the period.

Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. Tim Myers has been appointed executive vice president and group president of Global Rolled Products and Transportation & 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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