United Services Automobile Association Decreases Stake in Arconic Inc (ARNC)

United Services Automobile Association decreased its position in Arconic Inc (NYSE:ARNC) by 1.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,692 shares of the basic materials company’s stock after selling 2,589 shares during the quarter. United Services Automobile Association’s holdings in Arconic were worth $2,257,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swiss National Bank boosted its position in Arconic by 2.9% during the 2nd quarter. Swiss National Bank now owns 1,433,195 shares of the basic materials company’s stock valued at $24,379,000 after purchasing an additional 41,000 shares during the period. Natixis boosted its position in Arconic by 42.7% during the 2nd quarter. Natixis now owns 469,778 shares of the basic materials company’s stock valued at $7,991,000 after purchasing an additional 140,619 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Arconic by 1,270.1% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 119,955 shares of the basic materials company’s stock valued at $2,040,000 after purchasing an additional 111,200 shares during the period. Formula Growth Ltd. acquired a new position in Arconic during the 2nd quarter valued at approximately $5,103,000. Finally, Andra AP fonden boosted its position in Arconic by 219.5% during the 2nd quarter. Andra AP fonden now owns 248,600 shares of the basic materials company’s stock valued at $4,229,000 after purchasing an additional 170,800 shares during the period. Institutional investors own 82.96% of the company’s stock.

Shares of ARNC stock opened at $22.03 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.04 and a debt-to-equity ratio of 1.22. Arconic Inc has a 1 year low of $16.47 and a 1 year high of $31.17. The firm has a market cap of $10.88 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 0.87 and a beta of 1.31.

Arconic (NYSE:ARNC) last announced its quarterly earnings results on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.08. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter in the previous year, the firm posted $0.32 EPS. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts expect that Arconic Inc will post 1.29 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, November 25th. Shareholders of record on Friday, November 2nd will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, November 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. Arconic’s dividend payout ratio (DPR) is presently 19.67%.

A number of research analysts recently issued reports on ARNC shares. Zacks Investment Research upgraded Arconic from a “sell” rating to a “hold” rating in a research report on Tuesday. Longbow Research lowered Arconic from a “buy” rating to a “neutral” rating in a research report on Monday, September 17th. They noted that the move was a valuation call. ValuEngine upgraded Arconic from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 12th. Seaport Global Securities restated a “buy” rating on shares of Arconic in a research report on Wednesday, July 18th. Finally, Jefferies Financial Group started coverage on Arconic in a research report on Monday, July 16th. They set a “buy” rating and a $23.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Arconic presently has an average rating of “Hold” and a consensus price target of $25.08.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions 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, as well as various forged, extruded, and machined metal products.

Read More: Growth Stocks, What They Are, What They Are Not

Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Inc (NYSE:ARNC).

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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

Leave a Reply