Credit Suisse AG has increased its holdings in Arconic Co. (ARNC:NYE) by 20.3% during the third quarter, as reported in the company’s latest 13F filing with the Securities and Exchange Commission. Credit Suisse AG now owns 107,994 shares of Arconic stock, worth $1,841,000 at the end of the reporting period, after buying an additional 18,252 shares.
Other institutional investors and hedge funds have also bought and sold shares of Arconic Co. in recent months, including Wipfli Financial Advisors LLC, Captrust Financial Advisors, Mackenzie Financial Corp, Trexquant Investment LP, and Capital Management Associates NY. Collectively, institutional investors and hedge funds own 93.90% of the Arconic stock.
Arconic Stock-Analyst Ratings:
In recent analyst rating changes, Goldman Sachs Group downgraded Arconic stock from “neutral” to “sell” and reduced the stock’s price objective from $23.00 to $21.00, while Deutsche Bank Aktiengesellschaft lowered its price objective from $23.00 to $21.00. Benchmark also lowered its price target on the stock from $30.00 to $26.00.
Arconic Stock Price Analysis:
Despite the ratings changes, Arconic stock rose by 1.9% to open at $27.72 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 1.52, and a debt-to-equity ratio of 1.18. Its 52-week low is $16.33, and its 52-week high is $31.24.
The stock’s 50-day simple moving average is $23.42, and its 200-day simple moving average is $22.31. Arconic Co. has a market capitalization of $2.76 billion, a P/E ratio of -14.67, and a beta of 1.94.
ARNC Stock Dividend-News:
Arconic Co. announced on November 16th that its board had authorized a stock buyback program allowing the company to purchase up to $200.00 million in outstanding shares. This move indicates that the company’s management believes its stock is undervalued.
Company Profile:
Arconic Corporation manufactures and sells fabricated aluminum sheets, plates, extrusions, and architectural products and systems in the United States and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions.
The company offers its products directly to customers, as well as through distributors. The company was formerly known as Arconic Rolled Products Corporation and changed its name to Arconic Corporation in April 2020. Arconic Corporation was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.
