Arconic Inc (NYSE:ARNC) Director David P. Hess acquired 40,300 shares of Arconic stock in a transaction that occurred on Thursday, February 8th. The shares were purchased at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the completion of the purchase, the director now directly owns 127,870 shares of the company’s stock, valued at $3,171,176. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of Arconic Inc (NYSE:ARNC) traded up $0.07 on Friday, hitting $24.52. The stock had a trading volume of 6,011,136 shares, compared to its average volume of 4,270,387. The firm has a market capitalization of $11,770.00, a price-to-earnings ratio of -94.31, a price-to-earnings-growth ratio of 0.84 and a beta of 0.93. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.26 and a quick ratio of 1.38. Arconic Inc has a 52 week low of $21.75 and a 52 week high of $31.17.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. Arconic had a positive return on equity of 11.29% and a negative net margin of 0.57%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. research analysts expect that Arconic Inc will post 1.5 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on the company. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research note on Tuesday. Cowen reiterated a “hold” rating and issued a $25.00 target price on shares of Arconic in a research note on Thursday, February 1st. Morgan Stanley reiterated a “hold” rating and issued a $27.00 target price on shares of Arconic in a research note on Tuesday, October 24th. Zacks Investment Research cut Arconic from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Finally, Deutsche Bank set a $31.00 target price on Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $29.77.
Several institutional investors and hedge funds have recently modified their holdings of ARNC. Ark Investment Management LLC boosted its position in Arconic by 54.3% during the 2nd quarter. Ark Investment Management LLC now owns 16,515 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 5,810 shares during the period. Numeric Investors LLC boosted its stake in Arconic by 201.0% in the 2nd quarter. Numeric Investors LLC now owns 29,500 shares of the basic materials company’s stock valued at $668,000 after buying an additional 19,700 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Arconic by 30.6% in the 2nd quarter. Janus Henderson Group PLC now owns 82,305 shares of the basic materials company’s stock valued at $1,865,000 after buying an additional 19,276 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Arconic by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 518,770 shares of the basic materials company’s stock valued at $11,752,000 after buying an additional 14,478 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Arconic by 311.4% in the 2nd quarter. Bank of Nova Scotia now owns 499,237 shares of the basic materials company’s stock valued at $11,308,000 after buying an additional 377,886 shares in the last quarter. 74.58% of the stock is currently owned by institutional investors.
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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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