Bank of Montreal Can Has $3.09 Million Position in Arconic Inc (ARNC)

Bank of Montreal Can raised its stake in shares of Arconic Inc (NASDAQ:ARNC) by 11.3% during the second quarter, Holdings Channel reports. The institutional investor owned 136,580 shares of the basic materials company’s stock after buying an additional 13,894 shares during the period. Bank of Montreal Can’s holdings in Arconic were worth $3,094,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Cleararc Capital Inc. raised its position in shares of Arconic by 1.3% in the first quarter. Cleararc Capital Inc. now owns 10,787 shares of the basic materials company’s stock valued at $284,000 after buying an additional 141 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Arconic by 1.8% in the first quarter. Stratos Wealth Partners LTD. now owns 11,914 shares of the basic materials company’s stock valued at $314,000 after buying an additional 210 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Arconic by 3.3% in the first quarter. Pacer Advisors Inc. now owns 8,956 shares of the basic materials company’s stock valued at $236,000 after buying an additional 286 shares during the last quarter. Advantus Capital Management Inc increased its stake in shares of Arconic by 1.2% in the first quarter. Advantus Capital Management Inc now owns 44,275 shares of the basic materials company’s stock valued at $1,166,000 after buying an additional 546 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Arconic by 0.6% in the first quarter. Arizona State Retirement System now owns 109,070 shares of the basic materials company’s stock valued at $2,873,000 after buying an additional 700 shares during the last quarter.

Shares of Arconic Inc (NASDAQ ARNC) traded up 0.47% during midday trading on Tuesday, reaching $25.46. 394,136 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $24.73 and a 200-day moving average price of $26.22. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The stock’s market cap is $11.23 billion.

Arconic (NASDAQ:ARNC) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a net margin of 10.09% and a return on equity of 23.34%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts forecast that Arconic Inc will post $1.19 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be given a $0.06 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%.

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ARNC has been the subject of several recent analyst reports. J P Morgan Chase & Co initiated coverage on shares of Arconic in a research note on Tuesday, April 18th. They issued a “neutral” rating and a $29.00 target price for the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research note on Tuesday, June 13th. Vetr downgraded shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price for the company. in a research note on Monday, May 15th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $32.00 target price on shares of Arconic in a research note on Wednesday, April 19th. Finally, Zacks Investment Research downgraded shares of Arconic from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $26.88.

In related news, Director Patrice E. Merrin bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $135,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher L. Ayers bought 7,325 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $27.31 per share, for a total transaction of $200,045.75. Following the transaction, the director now directly owns 7,425 shares in the company, valued at $202,776.75. The disclosure for this purchase can be found here.

Arconic Company Profile

Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.

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Institutional Ownership by Quarter for Arconic (NASDAQ:ARNC)

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