BlackRock Inc. reduced its position in Arconic Inc (NYSE:ARNC) by 4.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,806,720 shares of the basic materials company’s stock after selling 1,561,094 shares during the quarter. BlackRock Inc. owned approximately 7.45% of Arconic worth $847,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors purchased a new stake in Arconic in the second quarter worth $104,000. Man Group plc purchased a new position in shares of Arconic in the second quarter valued at $133,000. Dupont Capital Management Corp purchased a new position in shares of Arconic in the second quarter valued at $168,000. C M Bidwell & Associates Ltd. grew its position in shares of Arconic by 340.1% in the second quarter. C M Bidwell & Associates Ltd. now owns 7,130 shares of the basic materials company’s stock valued at $184,000 after purchasing an additional 5,510 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in shares of Arconic in the second quarter valued at $211,000. 82.17% of the stock is owned by institutional investors and hedge funds.
In related news, major shareholder International L.P. Elliott sold 1,181,135 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $24.51, for a total transaction of $28,949,618.85. Following the completion of the transaction, the insider now directly owns 15,325,823 shares in the company, valued at $375,635,921.73. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Timothy Donald Myers sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total value of $253,300.00. Following the transaction, the insider now owns 23,759 shares of the company’s stock, valued at $601,815.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,205,556 shares of company stock valued at $179,707,601. 0.14% of the stock is owned by company insiders.
Arconic stock opened at $28.97 on Friday. Arconic Inc has a 52 week low of $15.63 and a 52 week high of $29.55. The business has a 50-day simple moving average of $26.84 and a 200 day simple moving average of $24.83. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 1.05. The stock has a market cap of $12.99 billion, a price-to-earnings ratio of 21.30 and a beta of 1.49.
Arconic (NYSE:ARNC) last posted its earnings results on Tuesday, November 5th. The basic materials company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. On average, research analysts anticipate that Arconic Inc will post 2.07 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend is Thursday, November 7th. Arconic’s payout ratio is 5.88%.
ARNC has been the subject of several recent research reports. Cowen upgraded Arconic from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $26.00 to $31.00 in a research report on Monday, October 14th. Berenberg Bank initiated coverage on Arconic in a research report on Tuesday, October 8th. They issued a “buy” rating for the company. ValuEngine cut Arconic from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. TheStreet upgraded Arconic from a “c” rating to a “b” rating in a research report on Tuesday. Finally, Credit Suisse Group lifted their price target on Arconic from $28.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $27.47.
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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