Private Capital Advisors Inc. lessened its position in Arconic Inc (NYSE:ARNC) by 27.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,295 shares of the basic materials company’s stock after selling 56,225 shares during the period. Arconic accounts for about 1.3% of Private Capital Advisors Inc.’s portfolio, making the stock its 28th biggest holding. Private Capital Advisors Inc.’s holdings in Arconic were worth $3,714,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Arconic by 4.7% in the second quarter. BlackRock Inc. now owns 35,321,536 shares of the basic materials company’s stock valued at $600,819,000 after buying an additional 1,585,480 shares during the period. Canyon Capital Advisors LLC increased its stake in shares of Arconic by 0.4% in the second quarter. Canyon Capital Advisors LLC now owns 7,208,100 shares of the basic materials company’s stock valued at $122,610,000 after buying an additional 30,100 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Arconic by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 5,665,633 shares of the basic materials company’s stock valued at $96,370,000 after buying an additional 417,504 shares during the period. Fairpointe Capital LLC increased its stake in shares of Arconic by 9.0% in the second quarter. Fairpointe Capital LLC now owns 4,720,095 shares of the basic materials company’s stock valued at $80,289,000 after buying an additional 388,647 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Arconic by 30.1% in the first quarter. Allianz Asset Management GmbH now owns 2,416,570 shares of the basic materials company’s stock valued at $55,678,000 after buying an additional 559,644 shares during the period. 82.94% of the stock is owned by institutional investors and hedge funds.
Shares of Arconic stock traded up $0.44 on Friday, hitting $21.61. 3,659,800 shares of the company’s stock traded hands, compared to its average volume of 3,921,656. Arconic Inc has a one year low of $16.47 and a one year high of $31.17. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.04 and a quick ratio of 1.15. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.85 and a beta of 1.31.
Arconic (NYSE:ARNC) last announced its earnings results on Tuesday, July 31st. The basic materials company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.29 by $0.08. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same quarter in the prior year, the company earned $0.32 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts expect that Arconic Inc will post 1.29 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, November 25th. Investors of record on Friday, November 2nd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.11%. Arconic’s payout ratio is 19.67%.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Arconic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Cowen reissued a “hold” rating and issued a $15.00 price target on shares of Arconic in a research note on Tuesday, July 31st. Morgan Stanley set a $22.00 price target on Arconic and gave the company a “hold” rating in a research note on Wednesday. Jefferies Financial Group set a $25.00 price target on Arconic and gave the company a “buy” rating in a research note on Wednesday, August 1st. Finally, Seaport Global Securities reissued a “buy” rating on shares of Arconic in a research note on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $25.08.
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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