D.A. Davidson & CO. grew its position in shares of Arconic Inc (NYSE:ARNC) by 16.6% in the 4th quarter, Holdings Channel reports. The firm owned 44,044 shares of the basic materials company’s stock after acquiring an additional 6,272 shares during the quarter. D.A. Davidson & CO.’s holdings in Arconic were worth $1,200,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Arconic by 430,450.0% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 8,611 shares of the basic materials company’s stock valued at $235,000 after acquiring an additional 8,609 shares during the last quarter. Global Financial Private Capital LLC bought a new stake in shares of Arconic in the 4th quarter valued at about $515,000. Toronto Dominion Bank lifted its stake in shares of Arconic by 22.4% in the 4th quarter. Toronto Dominion Bank now owns 182,208 shares of the basic materials company’s stock valued at $4,965,000 after acquiring an additional 33,301 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Arconic by 9.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 393,394 shares of the basic materials company’s stock valued at $10,720,000 after acquiring an additional 35,537 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Arconic by 21.6% in the 4th quarter. Wells Fargo & Company MN now owns 7,787,687 shares of the basic materials company’s stock valued at $212,215,000 after acquiring an additional 1,385,628 shares during the last quarter. 74.85% of the stock is owned by hedge funds and other institutional investors.
In other news, Director David P. Hess bought 40,300 shares of Arconic stock in a transaction on Thursday, February 8th. The shares were purchased at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the acquisition, the director now owns 127,870 shares of the company’s stock, valued at $3,171,176. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.12% of the company’s stock.
Arconic (NYSE:ARNC) last released its quarterly earnings results on Monday, February 5th. The basic materials company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.08 billion. Arconic had a positive return on equity of 11.29% and a negative net margin of 0.57%. Arconic’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 EPS. equities research analysts forecast that Arconic Inc will post 1.5 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 4th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Thursday, May 3rd. Arconic’s payout ratio is -109.09%.
A number of equities research analysts have recently weighed in on ARNC shares. Morgan Stanley reissued a “hold” rating and issued a $27.00 target price on shares of Arconic in a research note on Tuesday, October 24th. Deutsche Bank set a $31.00 target price on Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered Arconic from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Cowen reaffirmed a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Tuesday, October 31st. Finally, Wells Fargo & Co initiated coverage on Arconic in a research report on Thursday, January 4th. They set an “outperform” rating and a $35.00 price target for the company. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $29.77.
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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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