Livingston Group Asset Management CO operating as Southport Capital Management lifted its holdings in Arconic Inc (NYSE:ARNC) by 20.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,100 shares of the basic materials company’s stock after purchasing an additional 3,400 shares during the quarter. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Arconic were worth $384,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Virtu Financial LLC raised its position in Arconic by 340.0% during the fourth quarter. Virtu Financial LLC now owns 74,316 shares of the basic materials company’s stock worth $1,253,000 after acquiring an additional 57,427 shares in the last quarter. Trinity Street Asset Management LLP raised its position in Arconic by 0.7% during the fourth quarter. Trinity Street Asset Management LLP now owns 1,272,609 shares of the basic materials company’s stock worth $21,456,000 after acquiring an additional 8,874 shares in the last quarter. Federated Investors Inc. PA raised its position in Arconic by 5,491.2% during the third quarter. Federated Investors Inc. PA now owns 302,315 shares of the basic materials company’s stock worth $6,654,000 after acquiring an additional 296,908 shares in the last quarter. Contravisory Investment Management Inc. bought a new stake in Arconic during the fourth quarter worth $242,000. Finally, Vanguard Group Inc raised its position in Arconic by 1.5% during the third quarter. Vanguard Group Inc now owns 44,331,106 shares of the basic materials company’s stock worth $975,728,000 after acquiring an additional 653,470 shares in the last quarter. 88.07% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of Arconic from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 15th. Cowen reaffirmed a “hold” rating and set a $20.00 price target on shares of Arconic in a research report on Friday, February 8th. ValuEngine raised shares of Arconic from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. lowered shares of Arconic from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $24.00 to $22.00 in a research report on Monday, January 14th. Finally, Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $23.25 to $18.26 in a research report on Thursday, December 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $23.03.
Shares of ARNC traded down $0.69 during trading hours on Wednesday, hitting $19.99. The company had a trading volume of 4,232,745 shares, compared to its average volume of 4,283,913. The firm has a market capitalization of $8.99 billion, a PE ratio of 14.70 and a beta of 1.49. Arconic Inc has a 12 month low of $15.63 and a 12 month high of $24.07. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.87 and a quick ratio of 1.16.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Friday, February 8th. The basic materials company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.03. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.47 billion. Arconic had a net margin of 4.58% and a return on equity of 12.73%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 earnings per share. Analysts predict that Arconic Inc will post 1.66 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, May 25th. Stockholders of record on Friday, May 3rd will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Thursday, May 2nd. Arconic’s payout ratio is presently 17.65%.
In other Arconic news, Chairman John C. Plant purchased 105,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were acquired at an average cost of $18.67 per share, for a total transaction of $1,960,350.00. Following the completion of the purchase, the chairman now owns 28,282 shares of the company’s stock, valued at approximately $528,024.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John C. Plant acquired 35,000 shares of Arconic stock in a transaction on Tuesday, March 5th. The shares were purchased at an average price of $18.65 per share, for a total transaction of $652,750.00. The disclosure for this purchase can be found here. Insiders bought 280,000 shares of company stock worth $5,192,250 over the last three months. Insiders own 0.14% of the company’s stock.
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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 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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