Short Interest in Arconic Inc (NYSE:ARNC) Expands By 10.3%

Arconic Inc (NYSE:ARNC) was the recipient of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 6,420,000 shares, a growth of 10.3% from the November 14th total of 5,820,000 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average trading volume of 3,000,000 shares, the short-interest ratio is presently 2.1 days.

In related news, EVP Timothy Donald Myers sold 29,849 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $30.82, for a total transaction of $919,946.18. Following the sale, the executive vice president now directly owns 28,925 shares in the company, valued at approximately $891,468.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP W Paul Myron sold 10,188 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $30.67, for a total transaction of $312,465.96. Following the sale, the vice president now owns 80,931 shares in the company, valued at $2,482,153.77. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rational Advisors LLC increased its holdings in shares of Arconic by 147.3% in the 3rd quarter. Rational Advisors LLC now owns 1,291 shares of the basic materials company’s stock worth $34,000 after buying an additional 769 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Arconic in the 3rd quarter worth $38,000. First Bank & Trust increased its holdings in shares of Arconic by 8,990.9% in the 3rd quarter. First Bank & Trust now owns 2,000 shares of the basic materials company’s stock worth $52,000 after buying an additional 1,978 shares during the last quarter. Rothschild & Co Wealth Management UK Ltd bought a new position in shares of Arconic in the 2nd quarter worth $99,000. Finally, TRUE Private Wealth Advisors bought a new position in shares of Arconic in the 2nd quarter worth $104,000. Institutional investors and hedge funds own 83.80% of the company’s stock.

ARNC has been the topic of a number of recent research reports. Barclays restated an “overweight” rating and set a $35.00 price target (up from $31.00) on shares of Arconic in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their price target on shares of Arconic from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Berenberg Bank initiated coverage on shares of Arconic in a research note on Tuesday, October 8th. They set a “buy” rating on the stock. Morgan Stanley upped their price target on shares of Arconic from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, TheStreet upgraded shares of Arconic from a “c” rating to a “b” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $28.58.

NYSE ARNC traded up $0.03 on Friday, hitting $31.65. The stock had a trading volume of 2,157,888 shares, compared to its average volume of 2,724,485. Arconic has a 52-week low of $15.63 and a 52-week high of $31.79. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.75 and a current ratio of 1.32. The company has a market capitalization of $13.70 billion, a price-to-earnings ratio of 23.27 and a beta of 1.52. The firm has a 50-day moving average of $29.90 and a 200-day moving average of $26.36.

Arconic (NYSE:ARNC) last posted its earnings results on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Arconic had a net margin of 2.66% and a return on equity of 17.87%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts anticipate that Arconic will post 2.13 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend was Thursday, November 7th. Arconic’s dividend payout ratio is presently 5.88%.

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 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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