Unusual Call Option Trade in Arconic (ARNC) Worth $479.29K

On April 3, 2023 at 10:03:59 ET an unusually large
$479.29K block of Call contracts in Arconic
(ARNC) was sold,
with a strike price of $26.00 / share, expiring in 18 days (on April 21, 2023).
Fintel tracks all large options trades, and the premium spent on this trade was 3.39 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in ARNC options.

This trade was first picked up on Fintel’s real time Unusual Option Trades
tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 5.70% Downside

As of March 31, 2023,
the average one-year price target for Arconic is $24.74.
The forecasts range from a low of $21.21 to a high of $30.45.
The average price target represents a decrease of 5.70% from its latest reported closing price of $26.23.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Arconic
is $9,274MM, an increase of 3.49%.

The projected annual non-GAAP EPS
is $2.24.

What is the Fund Sentiment?

There are 597 funds or institutions reporting positions in Arconic.

This is an increase
of
17
owner(s) or 2.93% in the last quarter.

Average portfolio weight of all funds dedicated to ARNC is 0.14%,
an increase
of 0.24%.

Total shares owned by institutions decreased
in the last three months by 3.51% to 107,259K shares.

The put/call ratio of ARNC is 0.76, indicating a

bullish
outlook.

What are Large Shareholders Doing?

IJR – iShares Core S&P Small-Cap ETF
holds 7,522K shares

representing 7.57% ownership of the company.

In it’s prior filing, the firm reported owning 7,512K shares, representing
an increase
of 0.14%.

The firm

increased

its portfolio allocation in ARNC by 13.13% over the last quarter.

Orbis Allan Gray
holds 5,490K shares

representing 5.52% ownership of the company.

In it’s prior filing, the firm reported owning 6,077K shares, representing
a decrease
of 10.70%.

The firm

increased

its portfolio allocation in ARNC by 8.62% over the last quarter.

Harris Associates L P
holds 4,882K shares

representing 4.91% ownership of the company.

In it’s prior filing, the firm reported owning 4,895K shares, representing
a decrease
of 0.26%.

The firm

increased

its portfolio allocation in ARNC by 16.56% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 3,095K shares

representing 3.11% ownership of the company.

In it’s prior filing, the firm reported owning 3,064K shares, representing
an increase
of 0.99%.

The firm

increased

its portfolio allocation in ARNC by 15.83% over the last quarter.

FDVLX – Fidelity Value Fund
holds 2,791K shares

representing 2.81% ownership of the company.

In it’s prior filing, the firm reported owning 2,700K shares, representing
an increase
of 3.27%.

The firm

increased

its portfolio allocation in ARNC by 7.66% over the last quarter.

Arconic Background Information
(This description is provided by the company.)

Arconic Corporation, headquartered in Pittsburgh, Pennsylvania, is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products, that advance the ground transportation, aerospace, industrial, packaging and building and construction markets.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.