Insider Buying: Arconic Inc (ARNC) Director Acquires 40,300 Shares of Stock

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.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, February 25th. Stockholders of record on Friday, February 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Thursday, February 1st. Arconic’s dividend payout ratio (DPR) is -92.31%.

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.

COPYRIGHT VIOLATION NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are accessing this story on another site, it was copied illegally and reposted in violation of U.S. and international copyright & trademark law. The original version of this story can be viewed at https://www.americanbankingnews.com/2018/02/09/insider-buying-arconic-inc-arnc-director-acquires-40300-shares-of-stock.html.

About Arconic

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.

Insider Buying and Selling by Quarter for Arconic (NYSE:ARNC)

Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply