Reinhart Partners Inc. Increases Stake in Arconic Inc (ARNC)
Reinhart Partners Inc. increased its position in shares of Arconic Inc (NYSE:ARNC) by 26.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,398,942 shares of the basic materials company’s stock after purchasing an additional 296,707 shares during the period. Arconic comprises about 2.5% of Reinhart Partners Inc.’s investment portfolio, making the stock its 10th largest position. Reinhart Partners Inc.’s holdings in Arconic were worth $26,734,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ARNC. FMR LLC raised its stake in shares of Arconic by 6,482.8% in the fourth quarter. FMR LLC now owns 4,526,809 shares of the basic materials company’s stock worth $76,322,000 after acquiring an additional 4,458,042 shares during the last quarter. Norges Bank bought a new stake in Arconic in the fourth quarter valued at approximately $42,750,000. Oregon Public Employees Retirement Fund increased its stake in Arconic by 1,764.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,173,996 shares of the basic materials company’s stock valued at $129,000 after purchasing an additional 2,057,395 shares in the last quarter. Morgan Stanley raised its holdings in Arconic by 134.9% in the third quarter. Morgan Stanley now owns 3,406,246 shares of the basic materials company’s stock worth $74,972,000 after purchasing an additional 1,955,880 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its position in shares of Arconic by 136.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 2,250,000 shares of the basic materials company’s stock worth $37,935,000 after purchasing an additional 1,300,000 shares in the last quarter. Institutional investors and hedge funds own 88.07% of the company’s stock.
A number of research firms recently commented on ARNC. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Monday, March 18th. ValuEngine upgraded Arconic from a “strong sell” rating to a “sell” rating in a report on Monday, April 1st. Cowen reissued a “hold” rating and issued a $20.00 target price on shares of Arconic in a research note on Friday, February 8th. JPMorgan Chase & Co. downgraded Arconic from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $24.00 to $22.00 in a report on Monday, January 14th. Finally, Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $23.25 to $18.26 in a research report on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $23.03.
Shares of NYSE:ARNC traded down $0.26 during midday trading on Tuesday, reaching $20.00. 4,119,594 shares of the company were exchanged, compared to its average volume of 5,834,606. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of 14.71 and a beta of 1.49. Arconic Inc has a fifty-two week low of $15.63 and a fifty-two week high of $24.07. The company has a quick ratio of 1.16, a current ratio of 1.87 and a debt-to-equity ratio of 1.07.
Arconic (NYSE:ARNC) last announced its earnings results on Friday, February 8th. The basic materials company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.03. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.47 billion. Arconic had a net margin of 4.58% and a return on equity of 12.73%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 EPS. Research analysts expect that Arconic Inc will post 1.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, May 25th. Stockholders of record on Friday, May 3rd will be issued a $0.02 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.40%. Arconic’s dividend payout ratio (DPR) is 17.65%.
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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