Rhumbline Advisers cut its position in shares of Arconic Inc. (NYSE:ARNC) by 2.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 698,794 shares of the basic materials company’s stock after selling 19,940 shares during the quarter. Rhumbline Advisers owned 0.15% of Arconic worth $17,386,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Fiduciary Trust Co. acquired a new position in Arconic in the 2nd quarter valued at $111,000. Capstone Investment Advisors Netherlands B.V. raised its stake in shares of Arconic by 47.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 1,604 shares during the last quarter. Huntington National Bank bought a new position in shares of Arconic in the third quarter valued at approximately $132,000. Pitcairn Co. bought a new position in shares of Arconic in the third quarter valued at approximately $209,000. Finally, BRYN MAWR TRUST Co purchased a new stake in shares of Arconic during the second quarter worth $214,000. Hedge funds and other institutional investors own 73.19% of the company’s stock.
ARNC has been the topic of a number of recent research reports. Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Tuesday, September 12th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Tuesday, August 22nd. Seaport Global Securities reissued a “buy” rating and issued a $29.00 price target (up from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. Deutsche Bank AG set a $31.00 price objective on shares of Arconic and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Finally, Vetr downgraded shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price target for the company. in a research report on Tuesday, July 25th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $28.33.
Arconic Inc. (NYSE ARNC) opened at $23.74 on Wednesday. The firm has a market capitalization of $11,498.83, a P/E ratio of 23.42 and a beta of 0.88. Arconic Inc. has a 52 week low of $18.47 and a 52 week high of $30.69. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.38 and a current ratio of 2.30.
Arconic (NYSE:ARNC) last released its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The business had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.09 billion. The firm’s revenue was up 3.1% compared to the same quarter last year. analysts anticipate that Arconic Inc. will post 1.16 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. Arconic’s dividend payout ratio (DPR) is -15.09%.
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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