Arconic Inc (ARNC) Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia boosted its stake in Arconic Inc (NASDAQ:ARNC) by 311.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 499,237 shares of the basic materials company’s stock after buying an additional 377,886 shares during the period. Bank of Nova Scotia owned 0.11% of Arconic worth $11,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. First Financial Equity Corporation bought a new stake in shares of Arconic during the first quarter valued at approximately $289,000. Fiduciary Trust Co. bought a new stake in shares of Arconic during the second quarter valued at approximately $111,000. Capstone Investment Advisors Netherlands B.V. increased its position in shares of Arconic by 47.9% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after acquiring an additional 1,604 shares in the last quarter. Sii Investments Inc. WI bought a new stake in shares of Arconic during the first quarter valued at approximately $227,000. Finally, Two Sigma Securities LLC bought a new stake in shares of Arconic during the first quarter valued at approximately $234,000.

In other Arconic news, Director James F. Albaugh purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $24.94 per share, with a total value of $124,700.00. Following the completion of the purchase, the director now owns 9,409 shares in the company, valued at approximately $234,660.46. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Elmer L. Doty purchased 6,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the purchase, the director now owns 4,409 shares of the company’s stock, valued at approximately $108,064.59. The disclosure for this purchase can be found here. In the last quarter, insiders bought 26,000 shares of company stock worth $640,310.

Arconic Inc (NASDAQ ARNC) traded down 1.63% on Friday, hitting $27.11. 548,548 shares of the company were exchanged. The company’s market capitalization is $11.96 billion. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69. The firm’s 50 day moving average is $25.82 and its 200 day moving average is $25.87.

Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities research analysts forecast that Arconic Inc will post $1.18 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be given a $0.06 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.87%.

Several equities research analysts recently weighed in on the stock. Cowen and Company reissued a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Monday, June 26th. Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 13th. J P Morgan Chase & Co raised shares of Arconic from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $30.00 to $29.00 in a research report on Monday, July 10th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. Finally, Vetr downgraded shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 target price for the company. in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.36.

TRADEMARK VIOLATION NOTICE: This news story was posted by Markets Daily and is the sole property of of Markets Daily. If you are viewing this news story on another site, it was copied illegally and reposted in violation of United States & international copyright & trademark legislation. The original version of this news story can be viewed at https://www.themarketsdaily.com/2017/10/13/arconic-inc-arnc-shares-bought-by-bank-of-nova-scotia.html.

Arconic 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.

Institutional Ownership by Quarter for Arconic (NASDAQ:ARNC)

Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply