Arconic Inc (ARNC) Position Trimmed by LPL Financial LLC

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LPL Financial LLC reduced its stake in Arconic Inc (NYSE:ARNC) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 32,347 shares of the basic materials company’s stock after selling 2,036 shares during the period. LPL Financial LLC’s holdings in Arconic were worth $545,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Arconic by 1.9% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,343,197 shares of the basic materials company’s stock worth $29,564,000 after acquiring an additional 25,302 shares in the last quarter. MML Investors Services LLC purchased a new position in shares of Arconic during the third quarter worth approximately $248,000. Commonwealth Bank of Australia raised its stake in shares of Arconic by 38.1% during the third quarter. Commonwealth Bank of Australia now owns 46,397 shares of the basic materials company’s stock worth $1,018,000 after acquiring an additional 12,800 shares in the last quarter. Norinchukin Bank The raised its stake in shares of Arconic by 14.8% during the third quarter. Norinchukin Bank The now owns 55,285 shares of the basic materials company’s stock worth $1,217,000 after acquiring an additional 7,144 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Arconic by 36.2% during the third quarter. Alliancebernstein L.P. now owns 967,253 shares of the basic materials company’s stock worth $21,289,000 after acquiring an additional 256,885 shares in the last quarter. 81.73% of the stock is currently owned by institutional investors and hedge funds.

Shares of Arconic stock opened at $18.72 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.16 and a debt-to-equity ratio of 1.07. Arconic Inc has a 52-week low of $15.63 and a 52-week high of $24.07. The company has a market capitalization of $9.08 billion, a PE ratio of 13.76 and a beta of 1.48.

Arconic (NYSE:ARNC) last issued its earnings results on Friday, February 8th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.03. Arconic had a net margin of 4.58% and a return on equity of 12.73%. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter last year, the business earned $0.31 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. As a group, analysts predict that Arconic Inc will post 1.64 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Stockholders of record on Friday, May 3rd will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Thursday, May 2nd. Arconic’s dividend payout ratio is 17.65%.

In other news, Chairman John C. Plant bought 105,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were purchased at an average price of $18.67 per share, for a total transaction of $1,960,350.00. Following the completion of the acquisition, the chairman now owns 28,282 shares of the company’s stock, valued at $528,024.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John C. Plant bought 35,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was purchased at an average price of $18.16 per share, for a total transaction of $635,600.00. Following the acquisition, the chief executive officer now directly owns 28,282 shares of the company’s stock, valued at approximately $513,601.12. The disclosure for this purchase can be found here. Insiders bought 280,000 shares of company stock worth $5,192,250 in the last 90 days. Company insiders own 0.17% of the company’s stock.

Several research analysts have commented on the stock. JPMorgan Chase & Co. downgraded shares of Arconic from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $24.00 to $22.00 in a research note on Monday, January 14th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Monday, March 18th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $23.25 to $18.26 in a research note on Thursday, December 20th. ValuEngine downgraded shares of Arconic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 22nd. Finally, Cowen reissued a “hold” rating and set a $20.00 price target on shares of Arconic in a research note on Friday, February 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $23.03.

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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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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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