Wealthstreet Investment Advisors LLC bought a new stake in Arconic Inc (NYSE:ARNC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 32,532 shares of the basic materials company’s stock, valued at approximately $886,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of ARNC. Eos Focused Equity Management L.P. raised its position in shares of Arconic by 10.3% in the fourth quarter. Eos Focused Equity Management L.P. now owns 116,155 shares of the basic materials company’s stock valued at $3,165,000 after purchasing an additional 10,838 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Arconic by 7.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 64,655 shares of the basic materials company’s stock valued at $1,762,000 after purchasing an additional 4,737 shares during the period. California Public Employees Retirement System raised its position in shares of Arconic by 5.8% in the fourth quarter. California Public Employees Retirement System now owns 938,733 shares of the basic materials company’s stock valued at $25,580,000 after purchasing an additional 51,200 shares during the period. Anchor Capital Advisors LLC raised its position in shares of Arconic by 1.0% in the fourth quarter. Anchor Capital Advisors LLC now owns 440,709 shares of the basic materials company’s stock valued at $12,009,000 after purchasing an additional 4,436 shares during the period. Finally, NTV Asset Management LLC bought a new position in shares of Arconic in the fourth quarter valued at approximately $220,000. Hedge funds and other institutional investors own 74.55% of the company’s stock.
A number of research firms have recently commented on ARNC. Cowen reissued a “hold” rating and issued a $25.00 price target on shares of Arconic in a research report on Wednesday, January 3rd. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 target price on shares of Arconic in a research report on Tuesday, February 6th. Zacks Investment Research lowered shares of Arconic from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. 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. Finally, Vetr raised shares of Arconic from a “hold” rating to a “buy” rating and set a $27.97 target price on the stock in a research report on Tuesday, October 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $29.77.
Arconic Inc (ARNC) opened at $24.78 on Wednesday. Arconic Inc has a 52-week low of $21.75 and a 52-week high of $31.17. The stock has a market cap of $11,930.00, a price-to-earnings ratio of -95.31, a P/E/G ratio of 0.83 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 business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Arconic’s revenue was up 10.2% compared to the same quarter last year. analysts expect that Arconic Inc will post 1.5 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, February 25th. Investors of record on Friday, February 2nd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Thursday, February 1st. Arconic’s dividend payout ratio (DPR) is currently -92.31%.
In related news, Director David P. Hess bought 40,300 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were acquired at an average price of $24.80 per share, with a total value of $999,440.00. Following the completion of the transaction, the director now owns 127,870 shares of the company’s stock, valued at approximately $3,171,176. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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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