Beryl Capital Management LLC Purchases Shares of 459,760 Arconic Co. (NYSE:ARNC)

Beryl Capital Management LLC acquired a new position in shares of Arconic Co. (NYSE:ARNC) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 459,760 shares of the basic materials company’s stock, valued at approximately $12,060,000. Arconic comprises about 9.5% of Beryl Capital Management LLC’s holdings, making the stock its 4th biggest holding. Beryl Capital Management LLC owned about 0.46% of Arconic at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ARNC. Bornite Capital Management LP purchased a new position in Arconic during the 1st quarter worth approximately $7,686,000. Citigroup Inc. grew its position in shares of Arconic by 5.3% during the first quarter. Citigroup Inc. now owns 115,513 shares of the basic materials company’s stock worth $2,959,000 after acquiring an additional 5,856 shares during the last quarter. Natixis Advisors L.P. increased its holdings in shares of Arconic by 85.7% in the 1st quarter. Natixis Advisors L.P. now owns 22,520 shares of the basic materials company’s stock valued at $577,000 after acquiring an additional 10,393 shares during the period. Bank of Montreal Can raised its position in Arconic by 6.4% in the 1st quarter. Bank of Montreal Can now owns 100,243 shares of the basic materials company’s stock valued at $2,615,000 after purchasing an additional 6,055 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Arconic by 55.2% during the 1st quarter. MetLife Investment Management LLC now owns 56,860 shares of the basic materials company’s stock worth $1,457,000 after purchasing an additional 20,217 shares during the period. Institutional investors and hedge funds own 91.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Arconic in a research note on Tuesday, September 5th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.67.

Arconic Price Performance

Arconic stock opened at $29.99 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.62 and a quick ratio of 0.80. The stock has a market capitalization of $3.01 billion, a PE ratio of -11.90 and a beta of 1.82. The business has a 50 day simple moving average of $29.85 and a 200-day simple moving average of $28.19. Arconic Co. has a 12 month low of $16.33 and a 12 month high of $30.02.

Arconic (NYSE:ARNC) last issued its earnings results on Monday, July 31st. The basic materials company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.05 billion. Arconic had a negative net margin of 3.12% and a positive return on equity of 8.18%. The business’s quarterly revenue was down 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 earnings per share. Equities analysts predict that Arconic Co. will post 1.5 earnings per share for the current year.

About Arconic

Arconic Corporation manufactures and sells fabricated aluminum sheets, plates, extrusions, and architectural products and systems in the United States and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions. The Rolled Products segment provides a range of aluminum sheet and plate products for aerospace, ground transportation, packaging, building and construction, and industrial products; and roofing, architectural composite panels, ventilated facades and ceiling panels, spacers, culvert pipes, and gutters for building and construction markets.