Arconic (NYSE:ARNC) Shares Up 8%

Arconic Inc (NYSE:ARNC)’s stock price shot up 8% during trading on Wednesday . The stock traded as high as $15.33 and last traded at $16.36, 343,414 shares changed hands during trading. A decline of 95% from the average session volume of 6,528,167 shares. The stock had previously closed at $15.15.

Several brokerages have commented on ARNC. Credit Suisse Group boosted their price target on shares of Arconic in a research report on Tuesday, January 28th. Longbow Research lowered shares of Arconic from a “neutral” rating to an “underperform” rating and set a $24.00 price objective on the stock. in a research note on Wednesday, January 22nd. Zacks Investment Research upgraded shares of Arconic from a “sell” rating to a “hold” rating and set a $19.00 price objective on the stock in a research note on Tuesday, March 10th. JPMorgan Chase & Co. boosted their price objective on shares of Arconic from $30.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, TheStreet lowered shares of Arconic from a “b” rating to a “c+” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $28.30.

The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 17.20 and a beta of 1.47. The stock’s 50 day moving average is $26.58 and its 200 day moving average is $28.38. The company has a current ratio of 1.42, a quick ratio of 0.83 and a debt-to-equity ratio of 1.07.

Arconic (NYSE:ARNC) last announced its quarterly earnings results on Monday, January 27th. The basic materials company reported $0.53 EPS for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). Arconic had a net margin of 3.31% and a return on equity of 20.28%. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter last year, the company posted $0.33 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities research analysts predict that Arconic Inc will post 1.5 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 25th. Investors of record on Friday, February 7th were paid a $0.02 dividend. The ex-dividend date was Thursday, February 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.45%. Arconic’s dividend payout ratio (DPR) is currently 3.79%.

In related news, EVP Katherine H. Ramundo sold 32,733 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $30.57, for a total value of $1,000,647.81. Following the transaction, the executive vice president now owns 123,209 shares in the company, valued at approximately $3,766,499.13. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the business. CWM LLC lifted its holdings in shares of Arconic by 28.8% during the 4th quarter. CWM LLC now owns 1,456 shares of the basic materials company’s stock worth $45,000 after acquiring an additional 326 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in shares of Arconic by 1.3% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 34,653 shares of the basic materials company’s stock worth $1,066,000 after acquiring an additional 454 shares during the period. Creative Planning lifted its holdings in shares of Arconic by 4.3% during the 4th quarter. Creative Planning now owns 12,417 shares of the basic materials company’s stock worth $382,000 after acquiring an additional 511 shares during the period. Smith Moore & CO. lifted its holdings in shares of Arconic by 4.4% during the 4th quarter. Smith Moore & CO. now owns 12,687 shares of the basic materials company’s stock worth $390,000 after acquiring an additional 533 shares during the period. Finally, State of Michigan Retirement System lifted its holdings in shares of Arconic by 0.6% during the 4th quarter. State of Michigan Retirement System now owns 93,734 shares of the basic materials company’s stock worth $2,884,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Arconic Company Profile (NYSE:ARNC)

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

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