Arconic Inc (ARNC) Sees Large Increase in Short Interest
Arconic Inc (NYSE:ARNC) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 37,854,489 shares, a growth of 177.1% from the February 15th total of 13,662,234 shares. Based on an average trading volume of 4,751,460 shares, the short-interest ratio is currently 8.0 days. Currently, 8.0% of the company’s stock are sold short.
A number of brokerages have recently weighed in on ARNC. Zacks Investment Research lowered Arconic from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Cowen restated a “hold” rating and set a $20.00 price target on shares of Arconic in a research note on Friday, February 8th. ValuEngine lowered Arconic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 22nd. JPMorgan Chase & Co. lowered Arconic from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $24.00 to $22.00 in a research note on Monday, January 14th. Finally, Longbow Research upgraded Arconic from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $23.25 to $18.26 in a research note on Thursday, December 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $23.48.
In other Arconic news, Chairman John C. Plant purchased 105,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were acquired at an average price of $18.67 per share, for a total transaction of $1,960,350.00. Following the completion of the purchase, the chairman now owns 28,282 shares of the company’s stock, valued at $528,024.94. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought 280,000 shares of company stock worth $5,192,250 in the last 90 days. Insiders own 0.17% of the company’s stock.
Shares of NYSE ARNC opened at $18.99 on Friday. The company has a market capitalization of $9.21 billion, a P/E ratio of 13.96 and a beta of 1.48. Arconic has a 52 week low of $15.63 and a 52 week high of $24.68. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.16 and a current ratio of 1.87.
Arconic (NYSE:ARNC) last issued its earnings results on Friday, February 8th. The basic materials company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.03. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.47 billion. Arconic had a return on equity of 12.73% and a net margin of 4.58%. Arconic’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Sell-side analysts predict that Arconic will post 1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Investors of record on Friday, May 3rd will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.08 dividend on an annualized basis and a yield of 0.42%. Arconic’s dividend payout ratio is currently 17.65%.
COPYRIGHT VIOLATION NOTICE: “Arconic Inc (ARNC) Sees Large Increase in Short Interest” was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be read at https://www.thecerbatgem.com/2019/03/17/arconic-inc-arnc-sees-large-increase-in-short-interest-2.html.
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.
Read More: Systematic Risk and Investors
Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.