AMG Funds LLC Cuts Stake in Arconic Inc (ARNC)
AMG Funds LLC lessened its stake in shares of Arconic Inc (NYSE:ARNC) by 6.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 60,797 shares of the basic materials company’s stock after selling 4,049 shares during the quarter. AMG Funds LLC’s holdings in Arconic were worth $1,657,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of ARNC. Savant Capital LLC raised its stake in Arconic by 20.0% in the 4th quarter. Savant Capital LLC now owns 11,667 shares of the basic materials company’s stock worth $318,000 after purchasing an additional 1,948 shares in the last quarter. Andra AP fonden raised its stake in Arconic by 2.0% in the 3rd quarter. Andra AP fonden now owns 127,900 shares of the basic materials company’s stock worth $3,182,000 after purchasing an additional 2,500 shares in the last quarter. Ray Gerald L & Associates Ltd. raised its stake in Arconic by 10.5% in the 3rd quarter. Ray Gerald L & Associates Ltd. now owns 29,532 shares of the basic materials company’s stock worth $735,000 after purchasing an additional 2,800 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in Arconic by 15.2% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 22,322 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 2,949 shares in the last quarter. Finally, Aperio Group LLC raised its stake in Arconic by 2.9% in the 4th quarter. Aperio Group LLC now owns 106,288 shares of the basic materials company’s stock worth $2,896,000 after purchasing an additional 2,972 shares in the last quarter. Institutional investors own 74.58% of the company’s stock.
Several analysts have weighed in on the stock. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Arconic in a research note on Tuesday, February 6th. Cowen reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research note on Thursday, February 1st. Wells Fargo & Co assumed coverage on shares of Arconic in a research note on Thursday, January 4th. They issued an “outperform” rating and a $35.00 price objective for the company. Zacks Investment Research upgraded shares of Arconic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, Deutsche Bank set a $31.00 price objective on shares of Arconic and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $29.77.
Arconic (NYSE:ARNC) last released its earnings results on Monday, February 5th. The basic materials company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.24 by $0.07. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the firm earned $0.12 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. equities research analysts predict that Arconic Inc will post 1.5 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, February 25th. Shareholders of record on Friday, February 2nd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Thursday, February 1st. Arconic’s dividend payout ratio is currently -92.31%.
In other news, Director David P. Hess bought 40,300 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were purchased at an average cost of $24.80 per share, with a total value of $999,440.00. Following the acquisition, the director now directly owns 127,870 shares in the company, valued at $3,171,176. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.12% of the stock is owned by company insiders.
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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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