Arconic (NYSE:ARNC) declared a quarterly dividend on Friday, May 18th, Wall Street Journal reports. Shareholders of record on Friday, August 3rd will be paid a dividend of 0.06 per share by the basic materials company on Saturday, August 25th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Thursday, August 2nd.
Arconic has a dividend payout ratio of 20.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Arconic to earn $1.55 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 15.5%.
Shares of ARNC traded down $0.07 on Friday, hitting $18.08. 2,899,311 shares of the stock traded hands, compared to its average volume of 4,446,427. The company has a market capitalization of $8.70 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 0.73 and a beta of 1.17. The company has a quick ratio of 1.16, a current ratio of 2.10 and a debt-to-equity ratio of 1.21. Arconic has a one year low of $16.66 and a one year high of $31.17.
Arconic (NYSE:ARNC) last announced its quarterly earnings results on Monday, April 30th. The basic materials company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 earnings per share. sell-side analysts expect that Arconic will post 1.24 EPS for the current year.
Several brokerages recently weighed in on ARNC. Zacks Investment Research raised shares of Arconic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 25th. Cowen reissued a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Thursday, February 1st. Goldman Sachs assumed coverage on shares of Arconic in a research report on Tuesday, March 20th. They set a “neutral” rating and a $28.00 price target for the company. Longbow Research cut shares of Arconic from a “buy” rating to a “neutral” rating in a report on Monday, April 23rd. Finally, Credit Suisse Group dropped their target price on shares of Arconic from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $27.00.
In other Arconic news, major shareholder International L.P. Elliott purchased 544,000 shares of the company’s stock in a transaction dated Tuesday, May 15th. The shares were acquired at an average price of $17.96 per share, for a total transaction of $9,770,240.00. Following the purchase, 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 legal filing with the SEC, which is available through the SEC website. Also, Director Ulrich Schmidt purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 3rd. The shares were acquired at an average price of $16.75 per share, for a total transaction of $33,500.00. Following the purchase, the director now directly owns 12,854 shares in the company, valued at $215,304.50. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.
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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