Oregon Public Employees Retirement Fund lowered its stake in Arconic Inc. (NYSE:ARNC) by 70.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,253 shares of the basic materials company’s stock after selling 111,976 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Arconic were worth $1,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Capital Fund Management S.A. purchased a new position in Arconic during the 2nd quarter worth approximately $7,597,000. TSP Capital Management Group LLC grew its stake in Arconic by 5.9% during the 2nd quarter. TSP Capital Management Group LLC now owns 237,528 shares of the basic materials company’s stock worth $5,380,000 after buying an additional 13,260 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its stake in Arconic by 15.2% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 22,322 shares of the basic materials company’s stock worth $506,000 after buying an additional 2,949 shares during the last quarter. Andra AP fonden grew its stake in Arconic by 16.0% during the 2nd quarter. Andra AP fonden now owns 125,400 shares of the basic materials company’s stock worth $2,840,000 after buying an additional 17,300 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. grew its stake in Arconic by 8.2% during the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after buying an additional 732 shares during the last quarter. 72.06% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on ARNC shares. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Tuesday, September 12th. Vetr upgraded Arconic to a “strong-buy” rating in a research note on Thursday, July 27th. Deutsche Bank AG set a $31.00 target price on Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Finally, Morgan Stanley reiterated a “hold” rating and issued a $27.00 target price on shares of Arconic in a research note on Tuesday, October 24th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Arconic presently has an average rating of “Buy” and a consensus price target of $28.33.
Arconic Inc. (ARNC) opened at $23.20 on Wednesday. The stock has a market capitalization of $11,170.00, a price-to-earnings ratio of 23.32 and a beta of 0.88. Arconic Inc. has a 1-year low of $18.47 and a 1-year high of $30.69. The company has a current ratio of 2.30, a quick ratio of 1.38 and a debt-to-equity ratio of 1.15.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). The firm had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The firm’s revenue was up 3.1% compared to the same quarter last year. analysts predict that Arconic Inc. will post 1.16 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.03%. Arconic’s dividend payout ratio (DPR) is -11.21%.
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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