Douglas Lane & Associates LLC boosted its holdings in shares of Arconic Inc (NYSE:ARNC) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,360,981 shares of the basic materials company’s stock after purchasing an additional 78,291 shares during the period. Douglas Lane & Associates LLC owned about 0.49% of Arconic worth $51,965,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlueMountain Capital Management LLC bought a new stake in Arconic during the second quarter worth $104,000. Mount Yale Investment Advisors LLC bought a new position in shares of Arconic in the 1st quarter valued at $116,000. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Arconic by 198.0% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock valued at $124,000 after acquiring an additional 4,850 shares during the last quarter. Highstreet Asset Management Inc. lifted its stake in shares of Arconic by 1,475.0% in the 2nd quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 7,906 shares during the last quarter. Finally, Cerebellum GP LLC bought a new position in shares of Arconic in the 2nd quarter valued at $168,000. Hedge funds and other institutional investors own 82.94% of the company’s stock.
A number of brokerages have recently commented on ARNC. Longbow Research cut Arconic from a “buy” rating to a “neutral” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. ValuEngine upgraded Arconic from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 12th. Jefferies Financial Group set a $25.00 price target on Arconic and gave the company a “buy” rating in a research note on Wednesday, August 1st. Cowen reiterated a “hold” rating and issued a $15.00 price target on shares of Arconic in a research note on Tuesday, July 31st. Finally, Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Friday, August 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Arconic currently has a consensus rating of “Hold” and a consensus price target of $24.91.
NYSE:ARNC traded down $0.59 during trading hours on Tuesday, hitting $22.81. 36,245 shares of the company were exchanged, compared to its average volume of 3,916,682. The firm has a market cap of $10.63 billion, a P/E ratio of 18.88, a P/E/G ratio of 0.85 and a beta of 1.31. The company has a quick ratio of 1.15, a current ratio of 2.04 and a debt-to-equity ratio of 1.22. Arconic Inc has a one year low of $16.47 and a one year high of $31.17.
Arconic (NYSE:ARNC) last announced its earnings results on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.08. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.49 billion. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. Arconic’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. As a group, equities research analysts expect that Arconic Inc will post 1.29 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, November 25th. Investors of record on Friday, November 2nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.05%. The ex-dividend date is Thursday, November 1st. Arconic’s dividend payout ratio is currently 19.67%.
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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