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ARNC

Arconic

$29.61

0.29 (0.99%)

08:19
01/08/18
01/08
08:19
01/08/18
08:19

Arconic to freeze pension plans for U.S.-based salaried employees

Arconic said that it will freeze U.S. defined benefit pension plans for all U.S.-based salaried and non-bargained hourly employees, effective April 1, 2018. As a result, in the first quarter of 2018, the company expects to record a liability decrease of approximately $140M related to the reduction of future benefits and a curtailment charge of approximately $5M pre-tax. For the full year 2018, the company expects pension-related expense to be lower by approximately $50M pre-tax compared to 2017 full-year expenses. The pension freeze applies to the accrual of future benefits for approximately 7,900 affected U.S. employees; benefits already earned by these employees through March 31, 2018 will be available when they reach retirement eligibility. Retirees already collecting benefits and former employees with vested benefits under the pension plans will not be impacted by this change. Arconic will continue to support affected employees in preparing for a financially sound retirement by contributing 3% of their eligible compensation to the company's applicable 401(k) plan and by matching their contributions of up to 6% of eligible compensation to the applicable plan-consistent with what most new salaried employees currently receive. Arconic is also providing an additional transition contribution of 3% of eligible compensation for the remaining nine months of 2018 for affected employees.

ARNC Arconic
$29.61

0.29 (0.99%)

08/22/17
LBOW
08/22/17
UPGRADE
LBOW
Buy
Arconic upgraded to Buy from Neutral at Longbow
10/24/17
DBAB
10/24/17
NO CHANGE
Target $31
DBAB
Buy
Arconic selloff yesterday looks overdone, says Deutsche Bank
Deutsche Bank analyst Jorge Beristain believes the selloff yesterday in shares of Arconic looks overdone. The company's Q3 results were largely in-line with our expectations, and management reiterated EBITDA and earnings guidance for 2017, Beristain tells investors in a research note. He sees "no structural difference" to Arconic's overall outlook and reiterates a Buy rating on the shares with a $31 price target.
10/24/17
MSCO
10/24/17
NO CHANGE
Target $27
MSCO
Equal Weight
Arconic selloff yesterday 'somewhat extreme,' says Morgan Stanley
Morgan Stanley analyst Rajeev Lalwani believes yesterday's selloff in Arconic (ARNC) was "somewhat extreme" given that the company maintained its earnings outlook and announced the "constructive" CEO selection of former General Electric (GE) executive Chip Blankenship. He attributes the slide to several factors, including a lack of a "big-name" CEO hire, aluminum pressures and a "sell the news" reaction. While he keeps an Equal Weight rating and $27 price target on Arconic, Lalwani said there may be a pathway to his hypothetical break-up value of $33 to the extent the new management focuses on streamlining.
01/04/18
WELS
01/04/18
INITIATION
Target $35
WELS
Outperform
Arconic initiated with an Outperform at Wells Fargo
Wells Fargo analyst Sam Pearlstein started Arconic with an Outperform rating and $35 price target. The company's moderated spending in 2018 will lead to higher free cash flow while getting margins closer to peers should drive stronger earnings growth, the analyst contends.

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