Arconic (NYSE:ARNC) released its quarterly earnings results on Monday. The basic materials company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07, Bloomberg Earnings reports. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.08 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. Arconic’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 EPS. Arconic updated its FY18 guidance to $1.45-1.55 EPS.
Shares of Arconic (ARNC) traded down $1.87 during trading on Monday, hitting $27.24. The stock had a trading volume of 3,820,000 shares, compared to its average volume of 3,400,000. Arconic has a 1 year low of $21.75 and a 1 year high of $31.17. The stock has a market cap of $13,110.00, a price-to-earnings ratio of -12.67, a PEG ratio of 0.95 and a beta of 0.93. The company has a current ratio of 2.30, a quick ratio of 1.38 and a debt-to-equity ratio of 1.15.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, February 25th. Stockholders of record on Friday, February 2nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Thursday, February 1st. Arconic’s dividend payout ratio is presently -11.16%.
Several hedge funds have recently bought and sold shares of ARNC. Ark Investment Management LLC grew its stake in shares of Arconic by 54.3% during the 2nd quarter. Ark Investment Management LLC now owns 16,515 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 5,810 shares during the period. Parametric Portfolio Associates LLC grew its stake in shares of Arconic by 8.0% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 607,139 shares of the basic materials company’s stock worth $13,752,000 after acquiring an additional 44,800 shares during the period. Numeric Investors LLC grew its stake in shares of Arconic by 201.0% during the 2nd quarter. Numeric Investors LLC now owns 29,500 shares of the basic materials company’s stock worth $668,000 after acquiring an additional 19,700 shares during the period. Zurich Insurance Group Ltd FI grew its stake in shares of Arconic by 52.7% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 60,564 shares of the basic materials company’s stock worth $1,372,000 after acquiring an additional 20,898 shares during the period. Finally, Flinton Capital Management LLC grew its stake in shares of Arconic by 3.5% during the 2nd quarter. Flinton Capital Management LLC now owns 24,174 shares of the basic materials company’s stock worth $548,000 after acquiring an additional 816 shares during the period. Institutional investors own 74.58% of the company’s stock.
A number of equities research analysts recently commented on ARNC shares. Vetr lowered Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 price target for the company. in a research report on Monday, October 9th. Zacks Investment Research lowered Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Cowen reissued a “hold” rating and issued a $25.00 price target on shares of Arconic in a research report on Thursday, October 19th. Morgan Stanley reissued a “hold” rating and issued a $27.00 price target on shares of Arconic in a research report on Tuesday, October 24th. Finally, Deutsche Bank set a $31.00 target price on Arconic and gave the company a “buy” rating in a research report on Tuesday, October 24th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Arconic presently has a consensus rating of “Buy” and a consensus price target of $29.89.
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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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