Wedbush Securities Inc. raised its stake in Arconic Inc (NYSE:ARNC) by 84.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,161 shares of the basic materials company’s stock after buying an additional 4,641 shares during the quarter. Wedbush Securities Inc.’s holdings in Arconic were worth $277,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Huntington National Bank purchased a new position in shares of Arconic during the 3rd quarter worth approximately $132,000. Fox Run Management L.L.C. purchased a new position in shares of Arconic during the 4th quarter worth approximately $205,000. UMB Bank N A MO purchased a new position in shares of Arconic during the 4th quarter worth approximately $212,000. National Planning Corp purchased a new position in shares of Arconic during the 3rd quarter worth approximately $206,000. Finally, Greenwich Wealth Management LLC purchased a new position in shares of Arconic during the 4th quarter worth approximately $218,000. 74.85% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on ARNC. Morgan Stanley set a $28.00 price objective on shares of Arconic and gave the stock a “hold” rating in a research note on Friday. Seaport Global Securities reissued a “buy” rating and set a $32.00 price objective on shares of Arconic in a research note on Tuesday, February 6th. Cowen restated a “hold” rating and set a $25.00 target price on shares of Arconic in a research report on Thursday, February 1st. Zacks Investment Research lowered shares of Arconic from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Finally, Wells Fargo & Co started coverage on shares of Arconic in a research report on Thursday, January 4th. They set an “outperform” rating and a $35.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $29.89.
In other news, Director David P. Hess bought 40,300 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were purchased at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the transaction, the director now owns 127,870 shares in the company, valued at $3,171,176. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.12% of the stock is currently owned by company insiders.
Shares of Arconic Inc (NYSE:ARNC) opened at $25.13 on Friday. Arconic Inc has a 1 year low of $21.75 and a 1 year high of $31.17. The stock has a market cap of $12,100.00, a P/E ratio of -96.65, a P/E/G ratio of 0.82 and a beta of 0.93. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 2.26.
Arconic (NYSE:ARNC) last announced its earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.07. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the business earned $0.12 earnings per share. Arconic’s revenue was up 10.2% compared to the same quarter last year. analysts forecast that Arconic Inc will post 1.5 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, May 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 0.96%. Arconic’s dividend payout ratio (DPR) is currently -92.31%.
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Arconic Company Profile
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.
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