Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems. The Rolled Products segment provides a range of aluminum sheet and plate products for ground transportation, aerospace, industrial, and packaging markets; and roofing, architectural composite panels, ventilated facades and ceiling panels, spacers, culvert pipes, and gutters for building and construction markets. The Extrusions segment offers extruded products, including aerospace shapes, automotive shapes, seamless tubes, hollows, mortar fins, and high strength rods and bars for ground transportation, aerospace, and industrial markets. The Building and Construction Systems segment provides various products and building envelope solutions, such as entrances, curtain walls, windows, composite panels, and coil coated sheets for fabricators and glazing subcontractors under the Kawneer, Reynobond, and Reynolux brands. 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 Arpil 2020. Arconic Corporation was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.
IPO Year: 2020
Exchange: NYSE
Website: arconic.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 4/12/2023 | Outperform → Peer Perform | Wolfe Research | |
| 2/28/2023 | $23.00 → $21.00 | Neutral → Sell | Goldman |
| 11/4/2022 | $23.00 → $22.00 | Buy → Hold | Deutsche Bank |
| 2/24/2022 | $42.00 → $40.00 | Buy | Deutsche Bank |
| 12/10/2021 | $35.00 → $40.00 | Neutral → Overweight | JP Morgan |
| 11/17/2021 | $42.00 | Outperform | Wolfe Research |
| 9/10/2021 | $39.00 | Neutral | Goldman Sachs |
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Wolfe Research downgraded Arconic from Outperform to Peer Perform
Goldman downgraded Arconic from Neutral to Sell and set a new price target of $21.00 from $23.00 previously
Deutsche Bank downgraded Arconic from Buy to Hold and set a new price target of $22.00 from $23.00 previously
Deutsche Bank reiterated coverage of Arconic with a rating of Buy and set a new price target of $40.00 from $42.00 previously
JP Morgan upgraded Arconic from Neutral to Overweight and set a new price target of $40.00 from $35.00 previously
Wolfe Research initiated coverage of Arconic with a rating of Outperform and set a new price target of $42.00
Goldman Sachs initiated coverage of Arconic with a rating of Neutral and set a new price target of $39.00
JP Morgan initiated coverage of Arconic with a rating of Neutral and set a new price target of $28.00
Deutsche Bank Aktiengesellschaft reiterated coverage of Arconic with a rating of Buy and set a new price target of $38.00 from $43.00 previously
Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") has appointed Ellis A. Jones, Vice President and Chief Sustainability Officer of The Goodyear Tire & Rubber Company, to Arconic's Board of Directors, effective October 10, 2022. Mr. Jones will also serve on the Governance and Nominating Committee of the Board. Mr. Jones has served as Vice President and Chief Sustainability Officer of The Goodyear Tire & Rubber Company since October 2021, and currently chairs the Sustainability Council and the EHS Council at Goodyear. Mr. Jones' career at Goodyear spans more than 33 years. Since 2003, he has held various leadership positions, including vice president of environmental, health, safe
Arconic Corporation ("Arconic" or the "Company") announced today that its Vice President of Finance and Treasurer, Marcelo Morgueta, has accepted the position of Executive Vice President and Chief Financial Officer of Arconic. Incoming Chief Executive Officer of Arconic Chris Ayers, said, "I am very pleased to welcome Marcelo to our executive leadership team. Our global finance group will benefit from Marcelo's historical knowledge of the Company and deep background leading finance functions with a sharp focus on creating value for all stakeholders. I look forward to working with him to advance our long-term strategic goals." Morgueta has extensive expertise in corporate finance, financ
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that Chris Ayers will become Chief Executive Officer and Chair of the Board of Arconic, effective September 11, 2023. Ayers has served on Arconic's Board of Directors for the past seven years and held several executive positions in key businesses within the Company's predecessor, Alcoa, prior to his board role. Current Arconic CEO Tim Myers will continue to serve in an advisory capacity as Arconic's Lead Outside Director of the Board. "Having been actively involved in this Company both as a board member for several years and in leading businesses from an operational standpoint prior to that, I have witnessed the
Arconic Corporation ("Arconic" or the "Company") and Apollo (NYSE:APO) today announced that Apollo Funds have completed the previously announced acquisition of the Company, which includes a minority investment from funds managed by affiliates of Irenic Capital Management ("Irenic"). The Company will continue to operate under the Arconic name and brand. Tim Myers, Arconic Chief Executive Officer, said, "The closing of this transaction with Apollo Funds brings new perspective combined with deep industry expertise that will benefit our customers, employees, investors, and the communities where we operate. With them by our side, we will build on our position as a leading supplier of aluminum
NEW YORK, Aug. 16, 2023 /PRNewswire/ -- Chesapeake Energy Corp. (NASD:CHK) will replace Mercury Systems Inc. (NASD: MRCY) in the S&P MidCap 400, and Mercury Systems will replace Arconic Corp. (NYSE:ARNC) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, August 21. Apollo Global Management Inc. (NYSE:APO) is acquiring Arconic in a deal that is expected to close soon, pending final closing conditions. Mercury Systems is more representative of the small-cap market space. Following is a summary of the change that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Company Name Ticker GICS Sector August 21, 2023 S&
Second Quarter 2023 Highlights Sales of $2.0 billion, down 22% year over year, up 1% organically year over year, up 3% from prior quarter Net income of $59 million, or $0.58 per share, compared with $114 million, or $1.05 per share, in second quarter 2022 Adjusted EBITDA of $198 million, up 10% from second quarter 2022 on a comparable basis excluding Russian Operations Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") today reported second quarter 2023 results. Sales were $2.0 billion, down 22% year over year due to lower aluminum prices and the divestiture of Russian Operations and up 1% organically driven by strength in aerospace and ground transportation offset by
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that its shareholders have voted at a special meeting of Arconic shareholders (the "Special Meeting") to approve the Company's pending acquisition by funds managed by affiliates of Apollo (NYSE:APO) including a minority investment from funds managed by affiliates of Irenic Capital Management. Under the terms of the merger agreement, Arconic shareholders will receive $30.00 per share in cash for every share of Arconic common stock they own immediately prior to the effective time of the merger. At the Special Meeting, approximately 99% of the shares voted were voted in favor of the merger, which represented approxi
2030 Sustainability Goals aligned with the United Nations Sustainable Development Goals REAL (Responsible. Essential. Aluminum.) campaign showcases the Company's wide-ranging commitment to sustainable business practices Leading aluminum sheet, plate, extrusions, and architectural products manufacturer Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced the details of its 2030 Sustainability Goals along with a campaign that will highlight the Company's commitment and progress toward its sustainability agenda. In four key areas – Planet, People, Products, and Process – Arconic is targeting to achieve the following results by 2030 compared to a base year of 2021:
First Quarter 2023 Highlights Sales of $1.9 billion, down 12% year over year, up 6% organically, up 6% from prior quarter on a comparable basis excluding Russian Operations Net income of $25 million, or $0.24 per share, compared with $42 million, or $0.39 per share, in first quarter 2022 Adjusted EBITDA of $157 million, up 8% from prior quarter on a comparable basis excluding Russian Operations Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") today reported first quarter 2023 results. Sales were $1.9 billion, down 12% year over year and up 6% organically due to strength in aerospace, packaging, and ground transportation sales partially offset by weak industrial sales
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) ("Apollo"), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion. The transaction includes a minority investment from funds managed by affiliates of Irenic Capital Management ("Irenic"). The agreement provides that Arconic shareholders will receive $30.00 per share in cash, which represents a premium of approximately 36% to the Company's undisturbed closing stock price on February 27, 2023. Upon completion of the transaction,
Arconic Corp. (NYSE:ARNC) ("Arconic" or "the Company") will hold a webcast and teleconference to discuss first quarter 2023 financial results on Thursday, May 4, 2023 at 10 a.m. Eastern Time. The Company will issue its press release announcing financial results for the first quarter ended March 31, 2023, prior to the opening of the market on May 4, 2023. A live webcast of the call will be available on the "Investor Relations" page of the Company's website under "Events and Presentations" here. To access the call by phone and participate in the event, please go to this link, and you will be provided dial-in details. Participants are requested to register a day in advance or at a minimum
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First Quarter 2023 Highlights Sales of $1.9 billion, down 12% year over year, up 6% organically, up 6% from prior quarter on a comparable basis excluding Russian Operations Net income of $25 million, or $0.24 per share, compared with $42 million, or $0.39 per share, in first quarter 2022 Adjusted EBITDA of $157 million, up 8% from prior quarter on a comparable basis excluding Russian Operations Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") today reported first quarter 2023 results. Sales were $1.9 billion, down 12% year over year and up 6% organically due to strength in aerospace, packaging, and ground transportation sales partially offset by weak industrial sales
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that it has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) ("Apollo"), in an all-cash transaction that values the Company at an enterprise value of approximately $5.2 billion. The transaction includes a minority investment from funds managed by affiliates of Irenic Capital Management ("Irenic"). The agreement provides that Arconic shareholders will receive $30.00 per share in cash, which represents a premium of approximately 36% to the Company's undisturbed closing stock price on February 27, 2023. Upon completion of the transaction,
Fourth Quarter 2022 Highlights Sales of $1.9 billion, down 9% year over year, up 2% organically Net loss of $273 million, or $2.70 per share, compared with net loss of $38 million, or $0.36 per share, in fourth quarter 2021. Fourth quarter 2022 includes a $304 million after-tax loss related to the sale of the Company's Russian operations Adjusted EBITDA of $154 million; Adjusted EBITDA excluding Russian Operations of $145 million, down 5% year over year on a comparable basis Repurchased approximately 2.1 million shares at a cost of $46 million Sale of Russian operations closed on November 15, 2022 Full Year 2022 Highlights Sales of $9.0 billion, up 19% year over year, up 10% o
As previously announced, Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") completed the sale of 100% of its Russian operations on November 15, 2022. As a result of the divestiture, and consistent with the sale announcement, the Company recorded a $304 million after-tax loss on the sale in the fourth quarter of 2022. In addition, the Company's previous 2022 Adjusted EBITDA outlook, which included a full year of operating activity for the divested business, will be reduced by an estimated $9 million. Conference Call Information The Company will hold a webcast and teleconference to discuss fourth quarter 2022 and full year 2022 financial results on Tuesday, February 21, 2023 at 1
Third Quarter 2022 Highlights Sales of $2.3 billion, up 21% year over year, down 11% from prior quarter Net loss of $65 million, or $0.64 per share, compared with net income of $16 million, or $0.15 per share, in 3Q 2021. Third quarter 2022 includes an after-tax, non-cash asset impairment charge of $70 million related to the Extrusions segment business review Adjusted EBITDA of $143 million, down 16% year over year Cash provided from operations of $91 million Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") today reported third quarter 2022 results. Revenue was $2.3 billion, down 11% from the prior quarter, primarily due to sequential declines in metal prices and lower
Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") today provided preliminary operating results for the third quarter 2022 and updates to its outlook for the full-year 2022. Preliminary Third Quarter Results and Revised Outlook Third quarter 2022 Adjusted EBITDA is expected to be in the range of $135 million to $150 million. The third quarter results will be impacted by production outages and other operational challenges in Tennessee and Davenport that have reduced production from planned operating rates. Additionally, hyperinflationary energy costs are driving increased cost pressures and declining demand in Europe, which are expected to have an increasingly negative impact on
Second Quarter 2022 Highlights Sales of $2.5 billion, up 41% year over year, up 16% from prior quarter Net income of $114 million, or $1.05 per share, compared with a net loss of $427 million, or $3.89 per share, in second quarter 2021 Adjusted EBITDA of $204 million, up 9% year over year Cash provided from operations of $162 million Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") today reported second quarter 2022 results. Revenue was $2.5 billion, up 16% from the prior quarter, primarily due to the ramp up of packaging sales in the United States, growth in ground transportation and building and construction sales, ongoing recovery in aerospace, and aluminum prices.
Arconic Corp. (NYSE:ARNC) ("Arconic" or "the Company") will hold a webcast and teleconference to discuss second quarter 2022 financial results on Tuesday, August 2, 2022 at 10 a.m. Eastern Time. The Company will issue its press release announcing financial results for the second quarter ended June 30, 2022, prior to the opening of the market on August 2, 2022. Interested parties are asked to dial-in at least 10 minutes before the call begins. Details of the webcast and teleconference follow. Conference Call Information: Day: August 2, 2022 Time: 10:00 a.m. ET Call: (833) 634-5023 +1(412) 902-4221 (International) Ask to join the Arconic Corpor
First Quarter 2022 Highlights Sales of $2.2 billion, up 31% year over year, up 2% from prior quarter Net income of $42 million, or $0.39 per share, compared with $52 million, or $0.46 per share, in 1Q 2021 Adjusted EBITDA of $205 million, up 15% year over year, and up 17% from prior quarter, best for Arconic Corporation since separation Raising 2022 revenue and Adjusted EBITDA guidance Arconic Corporation (NYSE:ARNC) ("Arconic" or "the Company") today reported first quarter 2022 results. Revenue was $2.2 billion, up 2% from the prior quarter, primarily due to higher aluminum prices, ongoing recovery in aerospace, and the ramp up of packaging sales in the United States, partially o
Arconic Corp. (NYSE:ARNC) ("Arconic" or "the Company") will hold a webcast and teleconference to discuss first quarter 2022 financial results on Tuesday, May 3, 2022 at 10 a.m. Eastern Time. The Company will issue its press release announcing financial results for the first quarter ended March 31, 2022, prior to the opening of the market on May 3, 2022. Interested parties are asked to dial-in at least 10 minutes before the call begins. Details of the webcast and teleconference follow. Conference Call Information: Day: May 3, 2022 Time: 10:00 a.m. ET Call: (833) 614-1535 +1(520) 809-9937 (International) Conference ID: 4386692 Webcast: Available on the Investor
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that Chris Ayers will become Chief Executive Officer and Chair of the Board of Arconic, effective September 11, 2023. Ayers has served on Arconic's Board of Directors for the past seven years and held several executive positions in key businesses within the Company's predecessor, Alcoa, prior to his board role. Current Arconic CEO Tim Myers will continue to serve in an advisory capacity as Arconic's Lead Outside Director of the Board. "Having been actively involved in this Company both as a board member for several years and in leading businesses from an operational standpoint prior to that, I have witnessed the re
Chesapeake Energy Corp. (NASD:CHK) will replace Mercury Systems Inc. (NASD: MRCY) in the S&P MidCap 400, and Mercury Systems will replace Arconic Corp. (NYSE:ARNC) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, August 21. Apollo Global Management Inc. (NYSE:APO) is acquiring Arconic in a deal that is expected to close soon, pending final closing conditions. Mercury Systems is more representative of the small-cap market space. Following is a summary of the change that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Company Name Ticker
Arconic (NYSE:ARNC) reported quarterly earnings of $0.58 per share which beat the analyst consensus estimate of $0.38 by 52.63 percent. This is a 44.76 percent decrease over earnings of $1.05 per share from the same period last year. The company reported quarterly sales of $1.99 billion which missed the analyst consensus estimate of $2.08 billion by 4.33 percent. This is a 21.90 percent decrease over sales of $2.55 billion the same period last year.
Arconic Corporation (NYSE:ARNC) ("Arconic" or the "Company") announced today that its shareholders have voted at a special meeting of Arconic shareholders (the "Special Meeting") to approve the Company's pending acquisition by funds managed by affiliates of Apollo (NYSE:APO) including a minority investment from funds managed by affiliates of Irenic Capital Management. Under the terms of the merger agreement, Arconic shareholders will receive $30.00 per share in cash for every share of Arconic common stock they own immediately prior to the effective time of the merger. At the Special Meeting, approximately 99% of the shares voted were voted in favor of the merger, which represented approxima
The most overbought stocks in the materials sector presents an opportunity to go short on these overvalued companies. The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70. Here’s the latest list of major overbought players in this sector. Alto Ingredients, Inc. (NASDAQ:ALTO) Alto Ingredients reported better-than-expected first-quarter sales. “In 2023, we continue to make good progress executing our transformative
Upgrades Maxim Group upgraded the previous rating for NV5 Global Inc (NASDAQ:NVEE) from Hold to Buy. NV5 Global earned $0.88 in the first quarter, compared to $0.99 in the year-ago quarter. At the moment, the stock has a 52-week-high of $154.64 and a 52-week-low of $91.42. NV5 Global closed at $93.77 at the end of the last trading period. Evercore ISI Group upgraded the previous rating for TE Connectivity Ltd (NYSE:TEL) from In-Line to Outperform. For the second quarter, TE Connectivity had an EPS of $1.65, compared to year-ago quarter EPS of $1.81. The current stock performance of TE Connectivity shows a 52-week-high of $138.17 and a 52-week-low of $104.94. Moreover, at the end of the la
Benchmark analyst Josh Sullivan downgrades Arconic (NYSE:ARNC) from Buy to Hold.
Gainers Qurate Retail, Inc. (NASDAQ:QRTEB) shares jumped 89.3% to $7.44. Actelis Networks, Inc. (NASDAQ:ASNS) gained 68.7% to $6.04. Actelis Networks reported a $3.5 million private placement priced at-the-market under Nasdaq rules. Inseego Corp. (NASDAQ:INSG) jumped 62% to $0.8789 after the company reported better-than-expected Q1 EPS and sales results. SaverOne 2014 Ltd (NASDAQ:SVRE) gained 57% to $1.8099. The company announce the successful conclusion of a pilot demonstration with the Integrated Transport Centre, part of Abu Dhabi's Ministry of Transport. Soligenix, Inc. (NASDAQ:SNGX) surged 46% to $2.0790 after the company announced clinical results from a compatability study of H
U.S. stocks traded lower, with the Dow Jones falling around 400 points on Thursday. Here are some big stocks recording gains in today’s session. Arconic Corporation (NYSE:ARNC) shares surged 27.6% to $28.76 after the company announced it entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management. The company also reported better-than-expected Q1 sales results. Shopify Inc. (NYSE:SHOP) rose 25.9% to $58.24 after the company reported better-than-expected Q1 adjusted EPS and sales results and agreed to sell Shopify Logistics to Flexport. Lemonade, Inc. (NYSE:LMND) gained 24.8% to $13.84 after the company reported better-than-expected Q1 r