Arconic Inc (NYSE:ARNC) Short Interest Update

Arconic Inc (NYSE:ARNC) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 6,800,000 shares, an increase of 11.5% from the December 15th total of 6,100,000 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average trading volume of 2,910,000 shares, the days-to-cover ratio is presently 2.3 days.

Shares of ARNC traded down $0.41 during mid-day trading on Wednesday, reaching $29.17. The company had a trading volume of 42,918 shares, compared to its average volume of 3,018,494. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of 21.45 and a beta of 1.49. 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’s 50 day simple moving average is $30.93 and its 200 day simple moving average is $27.60. Arconic has a 1-year low of $16.12 and a 1-year high of $31.99.

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

In other Arconic news, EVP Timothy Donald Myers sold 29,849 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $30.82, for a total value of $919,946.18. Following the transaction, the executive vice president now directly owns 28,925 shares of the company’s stock, valued at approximately $891,468.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP W Paul Myron sold 10,188 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $30.67, for a total transaction of $312,465.96. Following the completion of the transaction, the vice president now directly owns 80,931 shares in the company, valued at $2,482,153.77. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Arconic by 4.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 396,762 shares of the basic materials company’s stock worth $7,583,000 after acquiring an additional 15,182 shares during the period. LPL Financial LLC raised its stake in Arconic by 79.1% during the second quarter. LPL Financial LLC now owns 80,030 shares of the basic materials company’s stock worth $2,066,000 after buying an additional 35,336 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Arconic by 74.0% during the second quarter. Parametric Portfolio Associates LLC now owns 1,107,342 shares of the basic materials company’s stock worth $28,592,000 after buying an additional 470,832 shares during the last quarter. Pinebridge Investments L.P. bought a new position in Arconic during the second quarter worth $1,092,000. Finally, HighTower Advisors LLC lifted its holdings in Arconic by 392.1% in the second quarter. HighTower Advisors LLC now owns 105,035 shares of the basic materials company’s stock valued at $2,706,000 after buying an additional 83,692 shares during the period. 83.80% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on ARNC. Barclays reissued an “overweight” rating and issued a $35.00 price objective (up from $31.00) on shares of Arconic in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their target price on Arconic from $30.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Morgan Stanley upped their target price on Arconic from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. ValuEngine downgraded Arconic from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Finally, Cowen upgraded Arconic from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $26.00 to $31.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $29.88.

About Arconic

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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