Patricia F. Russo Buys 15,000 Shares of Arconic Inc (ARNC) Stock
Arconic Inc (NASDAQ:ARNC) Director Patricia F. Russo acquired 15,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were bought at an average price of $24.57 per share, for a total transaction of $368,550.00. Following the completion of the acquisition, the director now owns 7,928 shares in the company, valued at $194,790.96. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Arconic Inc (NASDAQ:ARNC) traded up 0.77% on Tuesday, hitting $24.75. 3,086,657 shares of the stock traded hands. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The stock’s market cap is $10.92 billion. The company’s 50 day moving average is $24.33 and its 200 day moving average is $26.39.
Arconic (NASDAQ:ARNC) last released its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts forecast that Arconic Inc will post $1.19 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.24 annualized dividend and a yield of 0.97%.
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ARNC has been the topic of several recent analyst reports. J P Morgan Chase & Co initiated coverage on shares of Arconic in a report on Tuesday, April 18th. They set a “neutral” rating and a $29.00 price objective on the stock. Vetr lowered shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 price objective on the stock. in a report on Thursday, June 1st. Zacks Investment Research lowered shares of Arconic from a “buy” rating to a “hold” rating in a report on Monday, April 24th. Deutsche Bank AG reiterated a “buy” rating and set a $32.00 price objective on shares of Arconic in a report on Wednesday, April 19th. Finally, Cowen and Company reiterated a “hold” rating and set a $25.00 price objective on shares of Arconic in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Arconic currently has a consensus rating of “Buy” and an average price target of $26.88.
A number of institutional investors have recently added to or reduced their stakes in ARNC. Tricadia Capital Management LLC purchased a new stake in shares of Arconic during the first quarter valued at approximately $8,179,000. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Arconic by 76.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 89,052 shares of the basic materials company’s stock valued at $2,346,000 after buying an additional 38,702 shares during the last quarter. Levin Capital Strategies L.P. boosted its stake in shares of Arconic by 11.3% in the first quarter. Levin Capital Strategies L.P. now owns 48,323 shares of the basic materials company’s stock valued at $1,273,000 after buying an additional 4,890 shares during the last quarter. Condor Capital Management boosted its stake in shares of Arconic by 42.5% in the first quarter. Condor Capital Management now owns 32,441 shares of the basic materials company’s stock valued at $855,000 after buying an additional 9,682 shares during the last quarter. Finally, Quantitative Investment Management LLC boosted its stake in shares of Arconic by 21.7% in the first quarter. Quantitative Investment Management LLC now owns 441,800 shares of the basic materials company’s stock valued at $11,637,000 after buying an additional 78,700 shares during the last quarter.
Arconic Company Profile
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.
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