Arconic Inc (ARNC) Sees Significant Increase in Short Interest
Arconic Inc (NYSE:ARNC) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 16,615,890 shares, a growth of 19.2% from the January 15th total of 13,940,074 shares. Currently, 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 9,592,047 shares, the short-interest ratio is presently 1.7 days.
ARNC has been the subject of several recent research reports. Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $23.25 to $18.26 in a research report on Thursday, December 20th. Jefferies Financial Group set a $25.00 price objective on Arconic and gave the stock a “buy” rating in a research report on Wednesday, October 31st. Zacks Investment Research raised Arconic from a “sell” rating to a “hold” rating in a research report on Monday, February 11th. Cowen reaffirmed a “hold” rating and set a $20.00 price objective on shares of Arconic in a research report on Friday, February 8th. Finally, JPMorgan Chase & Co. cut Arconic from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $24.00 to $22.00 in a research report on Monday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Arconic currently has an average rating of “Hold” and an average price target of $23.48.
Shares of NYSE ARNC opened at $17.55 on Friday. The company has a market cap of $8.54 billion, a PE ratio of 12.90 and a beta of 1.48. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.16 and a current ratio of 1.87. Arconic has a 1-year low of $15.63 and a 1-year high of $25.87.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 25th. Shareholders of record on Friday, February 8th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, February 7th. This represents a $0.24 dividend on an annualized basis and a yield of 1.37%. Arconic’s dividend payout ratio (DPR) is presently 17.65%.
Institutional investors have recently bought and sold shares of the business. Virtu Financial LLC increased its stake in Arconic by 340.0% during the 4th quarter. Virtu Financial LLC now owns 74,316 shares of the basic materials company’s stock worth $1,253,000 after acquiring an additional 57,427 shares during the period. Trinity Street Asset Management LLP increased its stake in Arconic by 0.7% during the 4th quarter. Trinity Street Asset Management LLP now owns 1,272,609 shares of the basic materials company’s stock worth $21,456,000 after acquiring an additional 8,874 shares during the period. Federated Investors Inc. PA increased its stake in Arconic by 5,491.2% during the 3rd quarter. Federated Investors Inc. PA now owns 302,315 shares of the basic materials company’s stock worth $6,654,000 after acquiring an additional 296,908 shares during the period. BP PLC bought a new position in Arconic during the 3rd quarter worth $1,056,000. Finally, Contravisory Investment Management Inc. bought a new position in Arconic during the 4th quarter worth $242,000. Hedge funds and other institutional investors own 83.82% of the company’s stock.
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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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