Arconic (NYSE:ARNC) Trading 8% Higher

Arconic Inc (NYSE:ARNC) shares traded up 8% on Wednesday . The stock traded as high as $15.33 and last traded at $16.36, 343,414 shares traded 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 equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Arconic from $30.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Cowen began coverage on shares of Arconic in a report on Monday, January 27th. They issued a “buy” rating and a $33.00 price target for the company. Benchmark began coverage on shares of Arconic in a report on Thursday, January 16th. They issued a “hold” rating for the company. TheStreet cut shares of Arconic from a “b” rating to a “c+” rating in a report on Monday, February 3rd. Finally, Credit Suisse Group raised their price target on shares of Arconic in a report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.30.

The stock has a market capitalization of $7.74 billion, a P/E ratio of 17.20 and a beta of 1.47. The business’s 50 day simple moving average is $26.58 and its two-hundred day simple moving average is $28.38. The company has a quick ratio of 0.83, a current ratio of 1.42 and a debt-to-equity ratio of 1.07.

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

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

In other Arconic news, EVP Katherine H. Ramundo sold 32,733 shares of the firm’s stock in a transaction on 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 directly owns 123,209 shares of the company’s stock, valued at $3,766,499.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Robecosam AG lifted its position in shares of Arconic by 6.0% during the fourth quarter. Robecosam AG now owns 710,000 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 40,000 shares in the last quarter. TFG Advisers LLC bought a new position in shares of Arconic during the fourth quarter valued at about $33,000. CWM LLC lifted its position in shares of Arconic by 28.8% during the fourth quarter. CWM LLC now owns 1,456 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 326 shares in the last quarter. HM Payson & Co. lifted its position in shares of Arconic by 80.3% during the fourth quarter. HM Payson & Co. now owns 1,623 shares of the basic materials company’s stock valued at $50,000 after purchasing an additional 723 shares in the last quarter. Finally, Pendal Group Ltd bought a new position in shares of Arconic during the fourth quarter valued at about $56,000. 83.89% of the stock is currently owned by hedge funds and other institutional investors.

About Arconic (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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