Arconic Inc (ARNC) Stake Decreased by HL Financial Services LLC
HL Financial Services LLC trimmed its position in shares of Arconic Inc (NYSE:ARNC) by 47.0% during the fourth quarter, HoldingsChannel reports. The firm owned 7,927 shares of the basic materials company’s stock after selling 7,043 shares during the quarter. HL Financial Services LLC’s holdings in Arconic were worth $216,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Huntington National Bank bought a new stake in Arconic in the 3rd quarter valued at $132,000. Fox Run Management L.L.C. bought a new stake in Arconic in the 4th quarter valued at $205,000. National Planning Corp bought a new stake in Arconic in the 3rd quarter valued at $206,000. Pitcairn Co. bought a new stake in Arconic in the 3rd quarter valued at $209,000. Finally, UMB Bank N A MO bought a new stake in Arconic in the 4th quarter valued at $212,000. 74.58% of the stock is currently owned by institutional investors.
Several equities research analysts recently commented on the stock. Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Arconic in a research report on Tuesday. Cowen reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research report on Thursday, February 1st. Morgan Stanley reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Arconic in a research report on Tuesday, October 24th. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Finally, Deutsche Bank set a $31.00 price objective on shares of Arconic and gave the company a “buy” rating in a research report on Tuesday, October 24th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $29.77.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.07. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the business earned $0.12 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. equities research analysts anticipate that Arconic Inc will post 1.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, February 25th. Stockholders of record on Friday, February 2nd will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, February 1st. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. Arconic’s dividend payout ratio is presently -109.09%.
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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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