Arconic (ARNC) Trading Down 0%

Arconic (NYSE:ARNC)’s share price dropped 0% on Monday . The stock traded as low as $21.97 and last traded at $22.05. Approximately 6,095,223 shares were traded during trading, an increase of 59% from the average daily volume of 3,825,964 shares. The stock had previously closed at $22.05.

ARNC has been the subject of several recent research reports. Seaport Global Securities restated a “buy” rating and set a $33.00 target price on shares of Arconic in a report on Monday, January 22nd. Morgan Stanley restated a “hold” rating and set a $28.00 target price (down from $30.00) on shares of Arconic in a report on Friday, February 23rd. ValuEngine downgraded shares of Arconic from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Barclays began coverage on shares of Arconic in a report on Thursday, March 29th. They set an “equal weight” rating and a $26.00 target price for the company. Finally, Zacks Investment Research cut shares of Arconic from a “hold” rating to a “sell” rating in a research note on Tuesday, March 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $29.00.

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The company has a market capitalization of $10,645.13, a PE ratio of 18.16, a PEG ratio of 0.74 and a beta of 1.13. 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 released its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the company earned $0.12 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. research analysts predict that Arconic will post 1.49 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Shareholders 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 dividend yield of 1.08%. Arconic’s dividend payout ratio is currently 19.67%.

In related news, Director David P. Hess bought 40,300 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were acquired at an average cost 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 $3,171,176. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB lifted its position in Arconic by 15.2% during the fourth quarter. Xact Kapitalforvaltning AB now owns 36,870 shares of the basic materials company’s stock valued at $1,005,000 after buying an additional 4,866 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Arconic by 122.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 420,949 shares of the basic materials company’s stock valued at $11,471,000 after buying an additional 231,588 shares in the last quarter. Delek Group Ltd. acquired a new position in Arconic during the fourth quarter valued at approximately $512,000. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in Arconic by 35.7% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 30,807 shares of the basic materials company’s stock valued at $839,000 after buying an additional 8,100 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its position in Arconic by 3.9% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 318,500 shares of the basic materials company’s stock valued at $8,679,000 after buying an additional 12,100 shares in the last quarter. 80.33% of the stock is currently owned by institutional investors and hedge funds.

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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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