Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Arconic Inc (NYSE:ARNC) by 7.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,735,873 shares of the basic materials company’s stock after buying an additional 122,705 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.39% of Arconic worth $45,133,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in ARNC. Prudential Financial Inc. boosted its position in shares of Arconic by 91.1% in the 2nd quarter. Prudential Financial Inc. now owns 7,138,305 shares of the basic materials company’s stock valued at $184,311,000 after purchasing an additional 3,402,531 shares during the period. Nuveen Asset Management LLC purchased a new stake in Arconic in the 2nd quarter worth about $85,215,000. LSV Asset Management purchased a new stake in Arconic in the 2nd quarter worth about $72,241,000. Renaissance Technologies LLC lifted its stake in Arconic by 450.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,399,800 shares of the basic materials company’s stock worth $36,143,000 after acquiring an additional 1,145,700 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in Arconic in the 2nd quarter worth about $25,790,000. Institutional investors and hedge funds own 82.17% of the company’s stock.
Several equities research analysts recently issued reports on the company. Longbow Research downgraded Arconic from a “buy” rating to a “neutral” rating in a research note on Thursday, July 18th. Cowen raised Arconic from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $26.00 to $31.00 in a research note on Monday, October 14th. Credit Suisse Group raised their price target on Arconic from $28.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 15th. Berenberg Bank initiated coverage on Arconic in a research note on Tuesday, October 8th. They set a “buy” rating for the company. Finally, Barclays raised Arconic from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $20.00 to $31.00 in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $27.47.
Shares of ARNC stock opened at $28.91 on Friday. The stock’s 50 day simple moving average is $26.81 and its 200 day simple moving average is $24.79. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.94 and a current ratio of 1.32. Arconic Inc has a twelve month low of $15.63 and a twelve month high of $29.55. The company has a market capitalization of $12.99 billion, a price-to-earnings ratio of 21.26 and a beta of 1.49.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. Arconic had a return on equity of 17.87% and a net margin of 2.66%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business earned $0.32 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, analysts forecast that Arconic Inc will post 2.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Thursday, November 7th. Arconic’s dividend payout ratio (DPR) is currently 5.88%.
In other Arconic news, insider Timothy Donald Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total value of $253,300.00. Following the sale, the insider now owns 23,759 shares of the company’s stock, valued at approximately $601,815.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder International L.P. Elliott sold 1,805,903 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $24.94, for a total value of $45,039,220.82. Following the completion of the sale, the insider now directly owns 32,306,412 shares in the company, valued at approximately $805,721,915.28. The disclosure for this sale can be found here. Insiders sold a total of 7,205,556 shares of company stock worth $179,707,601 in the last ninety days. Insiders own 0.14% of the company’s stock.
Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
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