Meyer Handelman Co. decreased its holdings in Arconic Inc (NYSE:ARNC) by 11.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,727 shares of the basic materials company’s stock after selling 5,600 shares during the period. Meyer Handelman Co.’s holdings in Arconic were worth $918,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Arconic by 4.7% in the second quarter. BlackRock Inc. now owns 35,321,536 shares of the basic materials company’s stock worth $600,819,000 after buying an additional 1,585,480 shares in the last quarter. Canyon Capital Advisors LLC lifted its position in shares of Arconic by 0.4% in the second quarter. Canyon Capital Advisors LLC now owns 7,208,100 shares of the basic materials company’s stock worth $122,610,000 after buying an additional 30,100 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Arconic by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 5,665,633 shares of the basic materials company’s stock worth $96,370,000 after buying an additional 417,504 shares in the last quarter. Fairpointe Capital LLC lifted its position in shares of Arconic by 9.0% in the second quarter. Fairpointe Capital LLC now owns 4,720,095 shares of the basic materials company’s stock worth $80,289,000 after buying an additional 388,647 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its position in shares of Arconic by 3.4% in the third quarter. Douglas Lane & Associates LLC now owns 2,360,981 shares of the basic materials company’s stock worth $51,965,000 after buying an additional 78,291 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.
Shares of ARNC stock opened at $20.77 on Friday. Arconic Inc has a 1 year low of $16.47 and a 1 year high of $31.17. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 1.19. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 0.81 and a beta of 1.22.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Arconic had a positive return on equity of 12.94% and a negative net margin of 2.19%. The business had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.48 billion. During the same period in the prior year, the business posted $0.25 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts anticipate that Arconic Inc will post 1.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, November 25th. Shareholders of record on Friday, November 2nd will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, November 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.16%. Arconic’s dividend payout ratio (DPR) is presently 19.67%.
A number of research firms recently commented on ARNC. Jefferies Financial Group set a $25.00 target price on Arconic and gave the stock a “buy” rating in a research report on Wednesday, October 31st. Cowen reiterated a “hold” rating and issued a $15.00 target price on shares of Arconic in a research report on Tuesday, July 31st. Morgan Stanley set a $20.00 target price on Arconic and gave the stock a “hold” rating in a research report on Monday, July 16th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Finally, Seaport Global Securities restated a “buy” rating on shares of Arconic in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $24.20.
Arconic Company Profile
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through 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, as well as various forged, extruded, and machined metal products.
Read More: Earnings Per Share (EPS) Explained
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