Amalgamated Bank grew its holdings in Arconic Inc (NYSE:ARNC) by 18.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,166 shares of the basic materials company’s stock after purchasing an additional 8,409 shares during the period. Amalgamated Bank’s holdings in Arconic were worth $1,449,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of ARNC. Sasco Capital Inc. CT boosted its position in Arconic by 14.1% during the fourth quarter. Sasco Capital Inc. CT now owns 2,849,603 shares of the basic materials company’s stock worth $77,652,000 after purchasing an additional 353,078 shares during the period. ARK Investment Management LLC boosted its position in shares of Arconic by 11.2% in the fourth quarter. ARK Investment Management LLC now owns 27,553 shares of the basic materials company’s stock valued at $751,000 after acquiring an additional 2,786 shares during the period. Standard Life Aberdeen plc boosted its position in shares of Arconic by 7.8% in the fourth quarter. Standard Life Aberdeen plc now owns 169,207 shares of the basic materials company’s stock valued at $4,612,000 after acquiring an additional 12,296 shares during the period. Brown Advisory Inc. acquired a new position in shares of Arconic in the fourth quarter valued at $251,000. Finally, Suntrust Banks Inc. raised its stake in shares of Arconic by 23.9% in the fourth quarter. Suntrust Banks Inc. now owns 55,522 shares of the basic materials company’s stock valued at $1,511,000 after purchasing an additional 10,694 shares in the last quarter. Institutional investors own 80.81% of the company’s stock.
Shares of ARNC stock traded up $0.32 during trading on Friday, reaching $24.56. The company had a trading volume of 5,289,074 shares, compared to its average volume of 3,195,409. Arconic Inc has a 1-year low of $21.75 and a 1-year high of $31.17. The firm has a market cap of $11,856.88, a price-to-earnings ratio of -111.64, a PEG ratio of 0.82 and a beta of 1.09. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 2.26.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be paid a $0.06 dividend. The ex-dividend date is Thursday, May 3rd. This represents a $0.24 annualized dividend and a yield of 0.98%. Arconic’s dividend payout ratio (DPR) is presently -109.09%.
In other news, Director David P. Hess purchased 40,300 shares of Arconic stock in a transaction that occurred on Thursday, February 8th. The stock was acquired at an average cost of $24.80 per share, for a total transaction of $999,440.00. Following the purchase, the director now directly owns 127,870 shares of the company’s stock, valued at approximately $3,171,176. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.12% of the company’s stock.
ARNC has been the subject of several recent analyst reports. Cowen reiterated a “hold” rating and set a $25.00 price objective on shares of Arconic in a research note on Thursday, February 1st. Seaport Global Securities restated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research note on Tuesday, February 6th. Morgan Stanley restated a “hold” rating and issued a $28.00 target price (down from $30.00) on shares of Arconic in a research note on Friday, February 23rd. Wells Fargo assumed coverage on Arconic in a report on Thursday, January 4th. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, Zacks Investment Research cut Arconic from a “hold” rating to a “sell” rating in a report on Tuesday, March 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price 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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