Arconic (NYSE:ARNC) major shareholder International L.P. Elliott bought 544,000 shares of Arconic stock in a transaction that occurred on Tuesday, May 15th. The shares were acquired at an average price of $17.96 per share, with a total value of $9,770,240.00. Following the completion of the acquisition, the insider now directly owns 35,293,450 shares of the company’s stock, valued at approximately $633,870,362. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of NYSE:ARNC opened at $17.98 on Wednesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.10 and a quick ratio of 1.16. The company has a market capitalization of $8.85 billion, a P/E ratio of 14.74, a PEG ratio of 0.74 and a beta of 1.17. Arconic has a 52 week low of $17.89 and a 52 week high of $18.25.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, April 30th. The basic materials company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.34 billion. Arconic had a negative net margin of 1.91% and a positive return on equity of 11.40%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. research analysts expect that Arconic will post 1.24 earnings per share for the current 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 given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $0.24 annualized dividend and a dividend yield of 1.33%. Arconic’s dividend payout ratio (DPR) is presently 19.67%.
Several large investors have recently modified their holdings of ARNC. Canyon Capital Advisors LLC lifted its position in Arconic by 91.3% in the 1st quarter. Canyon Capital Advisors LLC now owns 7,178,000 shares of the basic materials company’s stock worth $165,381,000 after buying an additional 3,425,137 shares in the last quarter. Glacier Peak Capital LLC purchased a new stake in Arconic in the 1st quarter worth approximately $3,456,000. Sciencast Management LP purchased a new stake in Arconic in the 1st quarter worth approximately $333,000. Amundi Pioneer Asset Management Inc. lifted its position in Arconic by 7.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 470,371 shares of the basic materials company’s stock worth $10,838,000 after buying an additional 30,875 shares in the last quarter. Finally, Bluefin Trading LLC purchased a new stake in Arconic in the 1st quarter worth approximately $507,000. Institutional investors and hedge funds own 82.75% of the company’s stock.
A number of brokerages recently weighed in on ARNC. Cowen restated a “hold” rating and set a $25.00 target price on shares of Arconic in a report on Thursday, February 1st. Zacks Investment Research cut shares of Arconic from a “hold” rating to a “strong sell” rating in a report on Thursday, May 3rd. Barclays restated a “hold” rating and set a $20.00 target price on shares of Arconic in a report on Sunday. Seaport Global Securities restated a “buy” rating and set a $32.00 target price on shares of Arconic in a report on Tuesday, February 6th. Finally, Morgan Stanley reduced their target price on shares of Arconic from $27.00 to $22.00 and set an “equal weight” rating for the company in a report on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Arconic presently has an average rating of “Hold” and an average price target of $27.00.
Arconic Company 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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