Point72 Asset Management L.P. Boosts Stock Position in Arconic Inc (NYSE:ARNC)

Point72 Asset Management L.P. increased its position in shares of Arconic Inc (NYSE:ARNC) by 83.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 476,719 shares of the basic materials company’s stock after acquiring an additional 216,957 shares during the period. Point72 Asset Management L.P. owned about 0.11% of Arconic worth $14,669,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Alyeska Investment Group L.P. purchased a new stake in Arconic during the fourth quarter worth about $32,160,000. Samlyn Capital LLC purchased a new stake in Arconic during the 4th quarter worth approximately $22,523,000. Caisse DE Depot ET Placement DU Quebec increased its stake in Arconic by 1,135.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 583,744 shares of the basic materials company’s stock worth $17,962,000 after buying an additional 536,478 shares during the period. Braun Stacey Associates Inc. acquired a new stake in Arconic during the 4th quarter worth approximately $13,186,000. Finally, Renaissance Technologies LLC lifted its holdings in Arconic by 28.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,882,500 shares of the basic materials company’s stock worth $57,925,000 after buying an additional 412,800 shares in the last quarter. Institutional investors own 83.89% of the company’s stock.

In related news, EVP Katherine H. Ramundo sold 32,733 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $30.57, for a total transaction of $1,000,647.81. Following the transaction, the executive vice president now owns 123,209 shares in the company, valued at approximately $3,766,499.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Shares of Arconic stock traded up $1.55 during trading on Thursday, hitting $17.72. 11,031,854 shares of the stock were exchanged, compared to its average volume of 5,038,343. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.42 and a quick ratio of 0.83. The firm’s 50-day moving average price is $26.58 and its 200 day moving average price is $28.38. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 17.20 and a beta of 1.47. Arconic Inc has a 12-month low of $11.38 and a 12-month high of $34.27.

Arconic (NYSE:ARNC) last announced its quarterly earnings results on Monday, January 27th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). Arconic had a return on equity of 20.28% and a net margin of 3.31%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same period last year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, research analysts forecast that Arconic Inc will post 1.5 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 25th. Shareholders of record on Friday, February 7th were paid a $0.02 dividend. The ex-dividend date was Thursday, February 6th. This represents a $0.08 annualized dividend and a yield of 0.45%. Arconic’s dividend payout ratio is presently 3.79%.

ARNC has been the subject of several research reports. Cowen began coverage on shares of Arconic in a research note on Monday, January 27th. They issued a “buy” rating and a $33.00 price target for the company. Benchmark initiated coverage on Arconic in a report on Thursday, January 16th. They issued a “hold” rating for the company. Argus raised Arconic from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Tuesday, February 18th. Zacks Investment Research raised Arconic from a “sell” rating to a “hold” rating and set a $19.00 target price for the company in a research note on Tuesday, March 10th. Finally, TheStreet downgraded Arconic from a “b” rating to a “c+” rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $28.30.

Arconic 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 segment 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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