The Vanguard Group, Inc. has recently announced that it has increased stake in Arconic Corporation (NYSE:ARNC) by 0.02%. After grabbing 11.71 million shares, the institutional investor is now in possession of 2502.0 shares of the Industrials Company. The new investment brought the stake of investor firm to 11.78% having worth around $309.64 million. Moreover, Fidelity Management & Research Co increased its share by 0.48 million to have a control over 6.17 million shares. And Morgan Stanley & Co. LLC raised its holdings to 0.21 million shares by acquiring 3.37 million shares or 3.39% of the stake.
Arconic Corporation (ARNC) concluded trading on 03/15/23 at a closing price of $26.53, with 2.22 million shares of worth about $58.84 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 0.87% during that period and on Wednesday the price saw a loss of about -0.71%. Currently the company’s common shares owned by public are about 101.20M shares, out of which, 98.41M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 4 analysts are covering the ARNC stock and their offered price forecasts bring an average price target of $24.25. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $29.00 and could fall to a lowest price of $21.00. The stock’s current price level is -9.4% below of average price target set by the analysts, while a dip to estimated low would result in loss of -26.33% for the stock. However, touching the estimated high of $29.00 would mean a gain of 8.52% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 18 times over the past 12 months. They bought 81,804 shares in 16 of the transactions. In 2 selling transactions, insiders dumped 35,137 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Fidelity Value Fund are the top 3 mutual funds which are holding stakes in Arconic Corporation iShares Core S&P Small Cap ETF is currently holding 7.45 million shares of worth totaling $196.97 million. The company recently came buying 0.0 shares which brought its stake up to 7.50% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 4870.0 shares, after which its hold over company’s outstanding shares expand to 3.12%, leaving 3.1 million shares with the mutual fund that have a worth of about $81.95 million. Fidelity Value Fund, after selling 2.79 million shares, have now control over 2.81% of the stake in the company. It holds 81400.0 shares of worth $73.8 million.
Arconic Corporation (NYSE: ARNC) started trading at $25.59, below -$1.13 from concluding price of the previous day. However, the stock later moved at a day high price of 26.56, or with a loss of -0.71%. Stock saw a price change of -2.61% in past 5 days and over the past one month there was a price change of 15.20%. Year-to-date (YTD), ARNC shares are showing a performance of 25.38% which increased to 11.61% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $16.33 but also hit the highest price of $31.24 during that period. The average intraday trading volume for Arconic Corporation shares is 975.35K. The stock is currently trading 5.39% above its 20-day simple moving average (SMA20), while that difference is up 10.73% for SMA50 and it goes to 9.87% higher than SMA200.
The Vanguard Group, Inc. acquired 11.71 million shares of Arconic Corporation having value of about $309.64 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 2502.0 shares in the company valued at close to $66378.06, or have control over 0.02% stake in the company. Arconic Corporation (NYSE: ARNC) currently have 101.20M outstanding shares and institutions hold larger chunk of about 97.50% of that. Holding of mutual funds in the company is about 31.89% while other institutional holders and individual stake holders have control over 62.72% and 1.85% of the stake respectively.
The stock has a current market capitalization of $2.70B. It has posted earnings per share of -$1.87 in the same period. It has Quick Ratio of 0.70 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ARNC, volatility over the week remained 4.21% while standing at 5.49% over the month.
Analysts are in expectations that Arconic Corporation (ARNC) stock would likely to be making an EPS of $0.25 in the current quarter, while forecast for next quarter EPS is $0.41 and it is $1.99 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.17 which is $0.3 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.25 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 51.80% while it is estimated to increase by 33.21% in next year. EPS is likely to grow at an annualized rate of 12.66% for next 5-years, compared to annual growth of -23.80% made by the stock over the past 5-years.
Analysts at 4 brokerage firms have issued recommendations for the Arconic Corporation (ARNC)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.50. Out of those 4 Wall Street analysts, 2 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on February 28, 2023 offering a Sell rating for the stock and assigned a target price range of between $23 and $21 to it. Coverage by Deutsche Bank stated Arconic Corporation (ARNC) stock as a Hold in their note to investors on November 04, 2022, suggesting a price target of $22 for the stock. On December 10, 2021, JP Morgan Upgrade their recommendations, while on November 17, 2021, Wolfe Research Initiated their ratings for the stock with a price target of $42. Stock get a Neutral rating from Goldman on September 10, 2021.
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