Pegasus Partners Ltd. bought a new stake in Arconic (NYSE:ARNC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 153,345 shares of the basic materials company’s stock, valued at approximately $3,533,000.
Other institutional investors also recently modified their holdings of the company. Prime Capital Investment Advisors LLC acquired a new stake in Arconic in the fourth quarter valued at approximately $142,000. NuWave Investment Management LLC boosted its position in Arconic by 10,065.5% in the first quarter. NuWave Investment Management LLC now owns 5,591 shares of the basic materials company’s stock valued at $128,000 after buying an additional 5,536 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Arconic in the fourth quarter valued at approximately $167,000. Bluestein R H & Co. acquired a new stake in Arconic in the fourth quarter valued at approximately $204,000. Finally, Fox Run Management L.L.C. acquired a new stake in Arconic in the fourth quarter valued at approximately $205,000. Hedge funds and other institutional investors own 82.75% of the company’s stock.
A number of analysts have weighed in on ARNC shares. Seaport Global Securities restated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research report on Tuesday, February 6th. Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 9th. They noted that the move was a valuation call. Barclays started coverage on shares of Arconic in a report on Thursday, March 29th. They set an “equal weight” rating and a $26.00 price target on the stock. Morgan Stanley cut their price target on shares of Arconic from $27.00 to $22.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 1st. Finally, Zacks Investment Research upgraded shares of Arconic from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Arconic presently has an average rating of “Hold” and a consensus price target of $27.00.
Shares of Arconic opened at $18.08 on Friday, MarketBeat Ratings reports. The firm has a market cap of $8.73 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 0.73 and a beta of 1.17. The company has a current ratio of 2.10, a quick ratio of 1.16 and a debt-to-equity ratio of 1.21. Arconic has a 52 week low of $16.66 and a 52 week high of $31.17.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, April 30th. The basic materials company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.34 billion. Arconic had a negative net margin of 1.91% and a positive return on equity of 11.40%. Arconic’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. equities analysts anticipate that Arconic will post 1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, August 25th. Investors of record on Friday, August 3rd will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, August 2nd. This represents a $0.24 annualized dividend and a yield of 1.33%. Arconic’s payout ratio is 19.67%.
In other news, Director Ulrich Schmidt bought 2,000 shares of the company’s stock in a transaction that occurred on 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 completion of the acquisition, the director now directly owns 12,854 shares in the company, valued at $215,304.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder International L.P. Elliott bought 544,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The stock was purchased at an average price of $17.96 per share, for a total transaction of $9,770,240.00. Following the acquisition, the insider now owns 35,293,450 shares of the company’s stock, valued at $633,870,362. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.
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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