Millennium Management LLC Sells 2,242,872 Shares of Arconic (ARNC)

Millennium Management LLC reduced its stake in shares of Arconic (NYSE:ARNC) by 92.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 188,777 shares of the basic materials company’s stock after selling 2,242,872 shares during the quarter. Millennium Management LLC’s holdings in Arconic were worth $5,144,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Prime Capital Investment Advisors LLC bought a new position in shares of Arconic in the fourth quarter worth about $142,000. Lazard Asset Management LLC bought a new position in shares of Arconic in the fourth quarter worth about $167,000. Bluestein R H & Co. bought a new position in shares of Arconic in the fourth quarter worth about $204,000. Fox Run Management L.L.C. bought a new position in shares of Arconic in the fourth quarter worth about $205,000. Finally, UMB Bank N A MO bought a new position in shares of Arconic in the fourth quarter worth about $212,000. Institutional investors own 80.44% of the company’s stock.

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Shares of ARNC opened at $23.75 on Wednesday. Arconic has a 12-month low of $21.75 and a 12-month high of $31.17. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 2.26. The stock has a market cap of $11,214.80, a P/E ratio of 19.47, a PEG ratio of 0.78 and a beta of 1.13.

Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.07. Arconic had a positive return on equity of 11.29% and a negative net margin of 0.57%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. analysts anticipate that Arconic will post 1.49 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $0.24 annualized dividend and a yield of 1.01%. Arconic’s dividend payout ratio is 19.67%.

A number of equities analysts have recently commented on the company. Cowen reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research note on Wednesday, January 3rd. Goldman Sachs assumed coverage on Arconic in a research note on Tuesday, March 20th. They issued a “neutral” rating and a $28.00 price objective on the stock. Zacks Investment Research lowered Arconic from a “hold” rating to a “strong sell” rating in a research note on Monday, April 9th. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Arconic in a research note on Tuesday, February 6th. Finally, Wells Fargo assumed coverage on Arconic in a research note on Thursday, January 4th. They issued an “outperform” rating and a $35.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $29.27.

In other news, Director David P. Hess purchased 40,300 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were purchased at an average cost of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the purchase, the director now directly owns 127,870 shares of the company’s stock, valued at approximately $3,171,176. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company’s stock.

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Arconic Profile

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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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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