Livingston Group Asset Management CO operating as Southport Capital Management grew its stake in Arconic Inc (NYSE:ARNC) by 20.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,100 shares of the basic materials company’s stock after purchasing an additional 3,400 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Arconic were worth $384,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC boosted its position in shares of Arconic by 157.3% during the 3rd quarter. FMR LLC now owns 68,767 shares of the basic materials company’s stock valued at $1,513,000 after acquiring an additional 42,045 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Arconic during the 3rd quarter valued at about $422,000. First Republic Investment Management Inc. acquired a new stake in shares of Arconic during the 3rd quarter valued at about $858,000. Pacer Advisors Inc. boosted its position in shares of Arconic by 14.3% during the 3rd quarter. Pacer Advisors Inc. now owns 21,837 shares of the basic materials company’s stock valued at $481,000 after acquiring an additional 2,738 shares in the last quarter. Finally, Rampart Investment Management Company LLC boosted its position in shares of Arconic by 79.4% during the 3rd quarter. Rampart Investment Management Company LLC now owns 17,333 shares of the basic materials company’s stock valued at $93,831,000 after acquiring an additional 7,673 shares in the last quarter. Institutional investors own 88.07% of the company’s stock.
In other Arconic news, Chairman John C. Plant purchased 105,000 shares of the stock in a transaction dated Tuesday, March 12th. The stock was bought at an average price of $18.67 per share, for a total transaction of $1,960,350.00. Following the transaction, the chairman now directly owns 28,282 shares in the company, valued at $528,024.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John C. Plant purchased 35,000 shares of the stock in a transaction dated Thursday, March 7th. The shares were acquired at an average price of $18.16 per share, with a total value of $635,600.00. Following the transaction, the chief executive officer now owns 28,282 shares in the company, valued at $513,601.12. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 280,000 shares of company stock valued at $5,192,250. Insiders own 0.14% of the company’s stock.
Arconic (NYSE:ARNC) last announced its earnings results on Friday, February 8th. The basic materials company reported $0.33 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. As a group, equities research analysts forecast that Arconic Inc will post 1.66 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Shareholders of record on Friday, May 3rd will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Thursday, May 2nd. Arconic’s dividend payout ratio is presently 17.65%.
ARNC has been the subject of several analyst reports. Cowen reissued a “hold” rating and set a $20.00 price target on shares of Arconic in a report on Friday, February 8th. ValuEngine downgraded shares of Arconic from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 22nd. JPMorgan Chase & Co. downgraded shares of Arconic from an “overweight” rating to a “neutral” rating and cut their price target for the company from $24.00 to $22.00 in a report on Monday, January 14th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and cut their price target for the company from $23.25 to $18.26 in a report on Thursday, December 20th. Finally, Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Monday, March 18th. One research 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’s stock. Arconic has a consensus rating of “Hold” and a consensus price target of $23.03.
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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