BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Arconic Inc (NYSE:ARNC) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 147,314 shares of the basic materials company’s stock after acquiring an additional 13,204 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Arconic were worth $2,484,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC lifted its stake in shares of Arconic by 85.5% during the fourth quarter. Hsbc Holdings PLC now owns 870,711 shares of the basic materials company’s stock worth $14,680,000 after purchasing an additional 401,430 shares in the last quarter. Korea Investment CORP lifted its stake in shares of Arconic by 18.9% during the fourth quarter. Korea Investment CORP now owns 1,039,300 shares of the basic materials company’s stock worth $17,523,000 after purchasing an additional 164,900 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Arconic by 6.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 74,809 shares of the basic materials company’s stock worth $1,262,000 after purchasing an additional 4,395 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Arconic by 3.2% during the fourth quarter. Northern Trust Corp now owns 4,645,621 shares of the basic materials company’s stock worth $78,325,000 after purchasing an additional 141,957 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. lifted its stake in shares of Arconic by 8.2% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 73,774 shares of the basic materials company’s stock worth $1,088,000 after purchasing an additional 5,600 shares in the last quarter. 82.24% of the stock is owned by institutional investors.
NYSE:ARNC opened at $18.99 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.16 and a current ratio of 1.87. Arconic Inc has a one year low of $15.63 and a one year high of $24.68. The stock has a market capitalization of $9.21 billion, a P/E ratio of 13.96 and a beta of 1.48.
Arconic (NYSE:ARNC) last released its quarterly earnings results on Friday, February 8th. The basic materials company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.03. Arconic had a return on equity of 12.73% and a net margin of 4.58%. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts predict that Arconic Inc will post 1.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 25th. Investors of record on Friday, May 3rd will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Thursday, May 2nd. Arconic’s dividend payout ratio (DPR) is 17.65%.
In other Arconic news, Chairman John C. Plant purchased 105,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were acquired at an average price 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 in the company, valued at approximately $528,024.94. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders purchased 280,000 shares of company stock worth $5,192,250. Insiders own 0.17% of the company’s stock.
A number of research analysts have commented on ARNC shares. Zacks Investment Research upgraded Arconic from a “sell” rating to a “hold” rating in a research note on Monday, February 11th. Longbow Research upgraded Arconic from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $23.25 to $18.26 in a research note on Thursday, December 20th. Cowen restated a “hold” rating and set a $20.00 price objective on shares of Arconic in a research note on Friday, February 8th. ValuEngine cut Arconic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 22nd. Finally, JPMorgan Chase & Co. cut Arconic from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $24.00 to $22.00 in a research note on Monday, January 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Arconic presently has an average rating of “Hold” and a consensus target price of $23.48.
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Arconic Company Profile
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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