After J.P. Morgan and Berenberg Bank gave Arconic Inc (NYSE: ARNC) a Buy rating last month, the company received another Buy, this time from Cowen & Co. Analyst Gautam Khanna upgraded Arconic Inc to Buy today and set a price target of $31.00. The company’s shares closed last Monday at $26.45, close to its 52-week high of $27.41.
According to TipRanks.com, Khanna is a 5-star analyst with an average return of 13.5% and a 72.3% success rate. Khanna covers the Consumer Goods sector, focusing on stocks such as Albany International Corp, L3Harris Technologies Inc, and Transdigm Group Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arconic Inc with a $29.50 average price target, representing an 12.0% upside. In a report issued on October 8, Berenberg Bank also initiated coverage with a Buy rating on the stock.
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Arconic Inc’s market cap is currently $11.64B and has a P/E ratio of 30.17. The company has a Price to Book ratio of 2.43.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ARNC in relation to earlier this year.
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Arconic, Inc. engages in the manufacture and engineering of lightweight metals. It operates through the following segments: Global Rolled Products; Engineered Products and Solutions; and Transportation and Construction Solutions. The Global Rolled Products segment produces aluminum sheet and plate.
