November saw a sharp decline in the level of short interest in Arconic Co. (NYSE: ARNC). Two million four hundred thousand shares were shorted as of November 15, a decrease of 11.1% from 2,700,000 shares on October 31. Based on an average daily trading volume of 846,400 shares, the short-interest ratio is 2.8 days. Currently, 2.4% of the stock’s float comprises short sales.
On Tuesday, November 1, Arconic (NYSE: ARNC) released its most recent quarterly results report. The producer of basic materials reported quarterly earnings per share of $0.05, or $0.14 below the $0.19 average forecast. Arconic had an equity return on equity of 8.54% and a net margin of 0.58%. The company’s quarterly sales were $2.28 billion, which was higher than analysts’ projections of $2.17 billion.
