Arconic Inc. (ARNC) Holdings Increased by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. raised its position in shares of Arconic Inc. (NYSE:ARNC) by 109.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 158,827 shares of the basic materials company’s stock after purchasing an additional 82,872 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Arconic were worth $3,951,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. First Allied Advisory Services Inc. grew its position in shares of Arconic by 1.7% during the 2nd quarter. First Allied Advisory Services Inc. now owns 18,249 shares of the basic materials company’s stock worth $418,000 after buying an additional 307 shares during the period. Lincoln National Corp grew its position in Arconic by 3.0% in the 2nd quarter. Lincoln National Corp now owns 20,324 shares of the basic materials company’s stock valued at $461,000 after purchasing an additional 595 shares during the period. Riverhead Capital Management LLC grew its position in Arconic by 3.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 18,058 shares of the basic materials company’s stock valued at $409,000 after purchasing an additional 641 shares during the period. Wayne Hummer Investments L.L.C. grew its position in Arconic by 8.2% in the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 732 shares during the period. Finally, Pacer Advisors Inc. grew its position in Arconic by 8.4% in the 2nd quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 751 shares during the period. 74.71% of the stock is owned by institutional investors and hedge funds.
Shares of Arconic Inc. (NYSE ARNC) opened at $25.30 on Friday. Arconic Inc. has a twelve month low of $18.47 and a twelve month high of $30.69. The firm has a market capitalization of $12,177.50, a PE ratio of 24.80 and a beta of 0.85. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15.
Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.02). Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The firm had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Arconic’s quarterly revenue was up 3.1% on a year-over-year basis. analysts forecast that Arconic Inc. will post 1.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, November 25th. Investors of record on Friday, November 3rd were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.95%. The ex-dividend date was Thursday, November 2nd. Arconic’s dividend payout ratio (DPR) is currently -15.09%.
Several research firms recently issued reports on ARNC. Zacks Investment Research downgraded shares of Arconic from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Cowen restated a “hold” rating and set a $25.00 price objective on shares of Arconic in a research note on Tuesday, October 31st. Deutsche Bank set a $31.00 price objective on Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. Morgan Stanley restated a “hold” rating and set a $27.00 price objective on shares of Arconic in a research note on Tuesday, October 24th. Finally, Vetr cut Arconic from a “buy” rating to a “hold” rating and set a $27.97 price objective on the stock. in a research note on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $28.75.
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Arconic Company Profile
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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