Fintel reports that on May 5, 2023, Benchmark downgraded their outlook for Arconic (NYSE:ARNC) from Buy to Hold .
Analyst Price Forecast Suggests 20.08% Downside
As of April 24, 2023, the average one-year price target for Arconic is 23.12. The forecasts range from a low of 21.21 to a high of $27.30. The average price target represents a decrease of 20.08% from its latest reported closing price of 28.93.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Arconic is 9,274MM, an increase of 6.61%. The projected annual non-GAAP EPS is 2.24.
What is the Fund Sentiment?
There are 590 funds or institutions reporting positions in Arconic. This is an increase of 8 owner(s) or 1.37% in the last quarter. Average portfolio weight of all funds dedicated to ARNC is 0.14%, an increase of 9.47%. Total shares owned by institutions decreased in the last three months by 2.66% to 107,340K shares. 
The put/call ratio of ARNC is 1.80, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 7,522K shares representing 7.57% ownership of the company. In it's prior filing, the firm reported owning 7,512K shares, representing an increase of 0.14%. The firm increased its portfolio allocation in ARNC by 13.13% over the last quarter.
Orbis Allan Gray holds 5,490K shares representing 5.52% ownership of the company. In it's prior filing, the firm reported owning 6,077K shares, representing a decrease of 10.70%. The firm increased its portfolio allocation in ARNC by 8.62% over the last quarter.
Harris Associates L P holds 4,882K shares representing 4.91% ownership of the company. In it's prior filing, the firm reported owning 4,895K shares, representing a decrease of 0.26%. The firm increased its portfolio allocation in ARNC by 16.56% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,095K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 3,064K shares, representing an increase of 0.99%. The firm increased its portfolio allocation in ARNC by 15.83% over the last quarter.
FDVLX - Fidelity Value Fund holds 2,791K shares representing 2.81% ownership of the company. In it's prior filing, the firm reported owning 2,700K shares, representing an increase of 3.27%. The firm increased its portfolio allocation in ARNC by 7.66% over the last quarter.
Arconic Background Information
(This description is provided by the company.)
Arconic Corporation, headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, industrial, packaging and building and construction markets.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
