Patten & Patten Inc. TN decreased its stake in Arconic Inc (NYSE:ARNC) by 6.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,087 shares of the basic materials company’s stock after selling 3,299 shares during the quarter. Patten & Patten Inc. TN’s holdings in Arconic were worth $1,229,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Capstone Investment Advisors Netherlands B.V. boosted its stake in Arconic by 47.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 1,604 shares in the last quarter. Huntington National Bank acquired a new position in Arconic in the third quarter worth $132,000. Fox Run Management L.L.C. acquired a new position in Arconic in the fourth quarter worth $205,000. National Planning Corp acquired a new position in Arconic in the third quarter worth $206,000. Finally, Pitcairn Co. acquired a new position in Arconic in the third quarter worth $209,000. 74.55% of the stock is currently owned by institutional investors and hedge funds.
ARNC has been the topic of a number of recent analyst reports. Zacks Investment Research raised Arconic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 26th. Wells Fargo & Co started coverage on Arconic in a research report on Thursday, January 4th. They set an “outperform” rating and a $35.00 target price for the company. Cowen restated a “hold” rating and set a $25.00 target price on shares of Arconic in a research report on Wednesday, January 3rd. Vetr downgraded Arconic from a “buy” rating to a “hold” rating and set a $27.97 target price for the company. in a research report on Monday, October 23rd. Finally, Deutsche Bank set a $31.00 target price on Arconic and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Arconic has an average rating of “Buy” and a consensus target price of $29.77.
Arconic Inc (NYSE ARNC) traded up $0.70 during mid-day trading on Wednesday, hitting $25.48. The stock had a trading volume of 4,540,000 shares, compared to its average volume of 4,530,000. The company has a market capitalization of $12,260.00, a P/E ratio of -98.00, a P/E/G ratio of 0.83 and a beta of 0.93. Arconic Inc has a 12 month low of $21.75 and a 12 month high of $31.17. The company has a current ratio of 2.26, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40.
Arconic (NYSE:ARNC) last released its quarterly earnings data on Monday, February 5th. The basic materials company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.08 billion. Arconic had a positive return on equity of 11.29% and a negative net margin of 0.57%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. analysts predict that Arconic Inc will post 1.5 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, February 25th. Investors of record on Friday, February 2nd will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $0.24 dividend on an annualized basis and a yield of 0.94%. Arconic’s dividend payout ratio is presently -92.31%.
In related news, Director David P. Hess acquired 40,300 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was acquired at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the acquisition, the director now owns 127,870 shares of the company’s stock, valued at approximately $3,171,176. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.12% of the company’s stock.
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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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