American International Group Inc. increased its stake in shares of Arconic Inc (NYSE:ARNC) by 4.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,272 shares of the basic materials company’s stock after acquiring an additional 9,693 shares during the quarter. American International Group Inc.’s holdings in Arconic were worth $4,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of ARNC. BlueMountain Capital Management LLC bought a new stake in shares of Arconic in the 2nd quarter worth approximately $104,000. Fuller & Thaler Asset Management Inc. grew its position in shares of Arconic by 198.0% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock worth $124,000 after buying an additional 4,850 shares during the last quarter. Highstreet Asset Management Inc. grew its position in shares of Arconic by 1,475.0% in the 2nd quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock worth $144,000 after buying an additional 7,906 shares during the last quarter. LMR Partners LLP bought a new stake in shares of Arconic in the 2nd quarter worth approximately $171,000. Finally, UMB Bank N A MO bought a new stake in shares of Arconic in the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 83.58% of the company’s stock.
ARNC has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Tuesday, August 14th. Jefferies Financial Group set a $25.00 price objective on Arconic and gave the stock a “buy” rating in a research report on Wednesday, October 31st. TheStreet upgraded Arconic from a “d+” rating to a “c-” rating in a research report on Monday, October 15th. Morgan Stanley set a $22.00 price objective on Arconic and gave the stock a “hold” rating in a research report on Wednesday, October 10th. Finally, Longbow Research cut Arconic from a “buy” rating to a “neutral” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $24.20.
ARNC opened at $20.29 on Friday. The company has a market capitalization of $10.08 billion, a PE ratio of 16.63 and a beta of 1.22. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.03 and a quick ratio of 1.16. Arconic Inc has a 52 week low of $16.47 and a 52 week high of $31.17.
Arconic (NYSE:ARNC) last released its earnings results on Tuesday, October 30th. The basic materials company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.02. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Arconic had a positive return on equity of 12.94% and a negative net margin of 2.19%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. As a group, research analysts expect that Arconic Inc will post 1.31 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, November 25th. Stockholders of record on Friday, November 2nd were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, November 1st. Arconic’s payout ratio is presently 19.67%.
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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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