Mitsubishi UFJ Trust & Banking Corp cut its holdings in Arconic Inc (NYSE:ARNC) by 62.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 331,457 shares of the basic materials company’s stock after selling 545,436 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.07% of Arconic worth $7,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. BP PLC bought a new stake in shares of Arconic in the third quarter worth about $1,056,000. Ffcm LLC boosted its position in Arconic by 23,651.6% during the 3rd quarter. Ffcm LLC now owns 72,680 shares of the basic materials company’s stock valued at $4,512,000 after acquiring an additional 72,374 shares in the last quarter. Rational Advisors LLC boosted its position in Arconic by 75,706.3% during the 3rd quarter. Rational Advisors LLC now owns 227,419 shares of the basic materials company’s stock valued at $5,005,000 after acquiring an additional 227,119 shares in the last quarter. Natixis boosted its position in Arconic by 42.7% during the 2nd quarter. Natixis now owns 469,778 shares of the basic materials company’s stock valued at $7,991,000 after acquiring an additional 140,619 shares in the last quarter. Finally, Swiss National Bank boosted its position in Arconic by 2.9% during the 2nd quarter. Swiss National Bank now owns 1,433,195 shares of the basic materials company’s stock valued at $24,379,000 after acquiring an additional 41,000 shares in the last quarter. 83.58% of the stock is currently owned by institutional investors.
Several analysts have weighed in on the company. Jefferies Financial Group set a $25.00 price objective on Arconic and gave the company a “buy” rating in a research report on Wednesday, October 31st. TheStreet raised Arconic from a “d+” rating to a “c-” rating in a research report on Monday, October 15th. Zacks Investment Research raised Arconic from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Morgan Stanley set a $22.00 price objective on Arconic and gave the company 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 report on Monday, September 17th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Arconic has an average rating of “Hold” and an average price target of $24.20.
Arconic stock opened at $20.29 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 1.19. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 16.63 and a beta of 1.22. Arconic Inc has a fifty-two week low of $16.47 and a fifty-two week high of $31.17.
Arconic (NYSE:ARNC) last released its earnings results on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. Arconic had a negative net margin of 2.19% and a positive return on equity of 12.94%. The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the business earned $0.25 earnings per share. The business’s revenue was up 8.9% on a year-over-year basis. As a group, analysts forecast that Arconic Inc will post 1.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Sunday, November 25th. Stockholders of record on Friday, November 2nd were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, November 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.18%. Arconic’s payout ratio is 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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