On September 1, 2023, it was reported that Fmr LLC had decreased its stake in Arconic Co. (NYSE: ARNC) by 4.2% during the first quarter of the year. According to their 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 6,809,255 shares of Arconic’s stock, representing a reduction of 297,978 shares from the previous period. At the end of the most recent quarter, Fmr LLC’s ownership accounted for approximately 6.79% of Arconic’s total market value, which amounted to $178,607,000.
Arconic recently released its earnings results on July 31st. The company reported earnings per share (EPS) of $0.58 for the quarter, surpassing market expectations by $0.08. The firm generated $1.99 billion in revenue during this period, slightly lower than the consensus estimate of $2.05 billion. It is worth noting that Arconic’s quarterly revenue declined by 21.9% year-over-year. In comparison, during the same period last year, the company earned $1.05 per share.
Sell-side analysts predict that Arconic Co. will post earnings per share of 1.5 for the current fiscal year.
Arconic Corporation primarily operates in three segments: Rolled Products, Building and Construction Systems, and Extrusions. The Rolled Products segment offers a wide range of aluminum sheet and plate products that cater to various industries such as aerospace, ground transportation, packaging, building and construction, and industrial products.
Additionally, Arconic provides architectural products and systems including roofing solutions, composite panels for architecture projects or facades ventilation systems ceiling panels among others for building and construction markets globally.
The company also manufactures extruded aluminum products used in various applications such as automotive parts production or construction.
Arconic’s dedication to providing high-quality fabricated aluminum sheets, plates, extrusions, and architectural products and systems has firmly established its presence in the United States and international markets.
As the company continues to navigate market changes and improve its performance, shareholders will closely monitor Fmr LLC’s investment decisions regarding Arconic Co. and how it may impact the company’s future prospects.
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Arconic Attracts Institutional Investors with Promising Financial Indicators and Analyst Confidence
Arconic, a leading basic materials company, has recently seen modifications in the holdings of various hedge funds. Bornite Capital Management LP acquired a new stake in Arconic during the first quarter, adding $7.686 million to their portfolio. Citigroup Inc. also increased its position in Arconic by 5.3% during the same period, now owning 115,513 shares of the company’s stock worth $2.959 million after acquiring an additional 5,856 shares.
Another substantial increase came from Natixis Advisors L.P., which saw an 85.7% rise in their stake in Arconic during the first quarter. They now possess 22,520 shares valued at $577,000 after purchasing an additional 10,393 shares. Bank of Montreal Can also decided to raise its position in Arconic by 6.4%, resulting in ownership of 100,243 shares valued at $2.615 million.
MetLife Investment Management LLC notably lifted its stake in Arconic by 55.2% during the first quarter as well. They now own 56,860 shares worth $1.457 million after purchasing an additional 20,217 shares, showing significant confidence in the company’s potential.
These investments showcase a high degree of interest and trust among institutional investors towards Arconic and its future prospects.
On Friday, ARNC shares opened at $29.99 and displayed favorable financial indicators such as a debt-to-equity ratio of 1.08, quick ratio of 0.80, and current ratio of 1.62 – all pointing towards a stable financial position for the company.
With a market capitalization of $3.01 billion and a price-to-earnings ratio currently at -11.90 with a beta value of 1.82, Arconic’s stock has demonstrated resilience over time and continues to attract investors.
Analysts have also weighed in on Arconic’s performance. StockNews.com recently initiated coverage on the stock, assigning it a “hold” rating. Benchmark, on the other hand, downgraded Arconic from a “buy” to a “hold” rating in May. Bloomberg.com’s consensus rating for Arconic is currently “Hold”, with an average price target of $22.67.
Arconic’s recent developments and financial indicators depict a company that attracts both institutional investors and analysts alike. With promising figures and investor confidence, Arconic has the potential to deliver impressive results in the coming quarters.
