Sachem Head Capital Management LP Invests $22.08 Million in Arconic Co. (NYSE:ARNC)

Sachem Head Capital Management LP acquired a new position in Arconic Co. (NYSE:ARNC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 841,895 shares of the basic materials company’s stock, valued at approximately $22,083,000. Arconic comprises approximately 1.0% of Sachem Head Capital Management LP’s portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds have also bought and sold shares of ARNC. Bornite Capital Management LP acquired a new stake in Arconic during the first quarter worth about $7,686,000. Citigroup Inc. raised its stake in shares of Arconic by 5.3% in the first quarter. Citigroup Inc. now owns 115,513 shares of the basic materials company’s stock valued at $2,959,000 after purchasing an additional 5,856 shares in the last quarter. Natixis Advisors L.P. raised its stake in shares of Arconic by 85.7% in the first quarter. Natixis Advisors L.P. now owns 22,520 shares of the basic materials company’s stock valued at $577,000 after purchasing an additional 10,393 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Arconic by 6.4% in the first 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 in the last quarter. Finally, MetLife Investment Management LLC lifted its position in Arconic by 55.2% in the first 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 own 91.16% of the company’s stock.

Arconic Price Performance

NYSE ARNC traded up $0.01 during trading on Monday, reaching $29.99. 4,377,000 shares of the company traded hands, compared to its average volume of 1,569,001. Arconic Co. has a 1-year low of $16.33 and a 1-year high of $30.02. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -11.90 and a beta of 1.82. The stock’s 50 day moving average price is $29.84 and its two-hundred day moving average price is $28.14. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 1.62.

Arconic (NYSE:ARNC) last announced its quarterly earnings results on Monday, July 31st. The basic materials company reported $0.58 EPS 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 analyst estimates of $2.05 billion. Arconic had a positive return on equity of 8.18% and a negative net margin of 3.12%. Arconic’s quarterly revenue was down 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS. As a group, analysts anticipate that Arconic Co. will post 1.5 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Arconic Company Profile

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.