Global Financial Private Capital LLC purchased a new stake in shares of Arconic Inc (NYSE:ARNC) during the fourth quarter, HoldingsChannel reports. The fund purchased 18,911 shares of the basic materials company’s stock, valued at approximately $515,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of ARNC. Huntington National Bank bought a new stake in Arconic during the third quarter valued at $132,000. Fox Run Management L.L.C. bought a new position in shares of Arconic during the 4th quarter worth about $205,000. National Planning Corp bought a new position in shares of Arconic during the 3rd quarter worth about $206,000. Pitcairn Co. bought a new position in shares of Arconic during the 3rd quarter worth about $209,000. Finally, UMB Bank N A MO bought a new position in shares of Arconic during the 4th quarter worth about $212,000. 74.85% of the stock is currently owned by institutional investors and hedge funds.
Arconic Inc (ARNC) opened at $25.36 on Monday. The stock has a market cap of $12,208.72, a PE ratio of 20.96, a PEG ratio of 0.85 and a beta of 0.93. The company has a current ratio of 2.26, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Arconic Inc has a 1 year low of $21.75 and a 1 year high of $31.17.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%. Arconic’s dividend payout ratio is presently -109.09%.
In other Arconic news, Director David P. Hess bought 40,300 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were bought at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the acquisition, the director now directly owns 127,870 shares of the company’s stock, valued at approximately $3,171,176. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.12% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Cowen reissued a “hold” rating and set a $25.00 price objective on shares of Arconic in a research report on Thursday, February 1st. Morgan Stanley reissued a “hold” rating and set a $27.00 price objective on shares of Arconic in a research report on Tuesday, October 24th. Seaport Global Securities reissued a “buy” rating and set a $32.00 price objective on shares of Arconic in a research report on Tuesday, February 6th. Deutsche Bank 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 cut shares of Arconic from a “buy” rating to a “hold” rating and set a $27.97 price objective on the stock. in a research report on Monday, October 23rd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $29.77.
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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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