Investors Buy Arconic Inc (ARNC) on Weakness
Investors bought shares of Arconic Inc (NASDAQ:ARNC) on weakness during trading on Monday. $52.67 million flowed into the stock on the tick-up and $8.89 million flowed out of the stock on the tick-down, for a money net flow of $43.78 million into the stock. Of all equities tracked, Arconic had the 21st highest net in-flow for the day. Arconic traded down ($0.08) for the day and closed at $26.13
A number of research analysts recently commented on the stock. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. BidaskClub raised shares of Arconic from a “sell” rating to a “hold” rating in a research report on Friday. J P Morgan Chase & Co raised shares of Arconic from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $30.00 to $29.00 in a research report on Monday, July 10th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Tuesday, August 22nd. Finally, Vetr downgraded shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price objective on the stock. in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Arconic presently has an average rating of “Buy” and a consensus target price of $27.25.
The firm’s market capitalization is $11.51 billion. The stock’s 50 day moving average price is $24.98 and its 200-day moving average price is $25.91.
Arconic (NASDAQ:ARNC) last posted its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Arconic’s revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Arconic Inc will post $1.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.92%.
In other Arconic news, Director Elmer L. Doty purchased 6,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average cost of $24.51 per share, with a total value of $147,060.00. Following the purchase, the director now directly owns 4,409 shares of the company’s stock, valued at $108,064.59. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James F. Albaugh purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average cost of $24.94 per share, with a total value of $124,700.00. Following the completion of the purchase, the director now directly owns 9,409 shares in the company, valued at $234,660.46. The disclosure for this purchase can be found here. Insiders have bought a total of 26,000 shares of company stock valued at $640,310 over the last ninety days.
Institutional investors and hedge funds have recently modified their holdings of the company. Capital Fund Management S.A. bought a new position in shares of Arconic during the 2nd quarter worth approximately $7,597,000. TSP Capital Management Group LLC grew its stake in shares of Arconic by 5.9% during the 2nd quarter. TSP Capital Management Group LLC now owns 237,528 shares of the basic materials company’s stock worth $5,380,000 after acquiring an additional 13,260 shares in the last quarter. Andra AP fonden grew its stake in shares of Arconic by 16.0% during the 2nd quarter. Andra AP fonden now owns 125,400 shares of the basic materials company’s stock worth $2,840,000 after acquiring an additional 17,300 shares in the last quarter. Credit Agricole S A grew its stake in shares of Arconic by 5.5% during the 1st quarter. Credit Agricole S A now owns 891,714 shares of the basic materials company’s stock worth $23,488,000 after acquiring an additional 46,261 shares in the last quarter. Finally, Wayne Hummer Investments L.L.C. grew its stake in shares of Arconic by 8.2% during the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after acquiring an additional 732 shares in the last quarter.
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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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