Russell Investments Group Ltd. boosted its position in Arconic Co. (NYSE:ARNC) by 24.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 519,442 shares of the basic materials company’s stock after buying an additional 101,084 shares during the period. Russell Investments Group Ltd. owned approximately 0.47% of Arconic worth $13,190,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of ARNC. Defined Wealth Management LLC purchased a new stake in shares of Arconic during the 4th quarter worth $25,000. Mascoma Wealth Management LLC purchased a new stake in shares of Arconic during the 1st quarter worth $74,000. Veriti Management LLC purchased a new stake in shares of Arconic during the 4th quarter worth $97,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Arconic during the 4th quarter worth $204,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Arconic during the 4th quarter worth $239,000. Hedge funds and other institutional investors own 89.94% of the company’s stock.
In other news, EVP Mark J. Vrablec sold 5,300 shares of the company’s stock in a transaction dated Friday, May 28th. The shares were sold at an average price of $35.25, for a total transaction of $186,825.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mary Zik sold 6,956 shares of the company’s stock in a transaction dated Tuesday, May 4th. The shares were sold at an average price of $33.00, for a total transaction of $229,548.00. Following the transaction, the insider now directly owns 47,397 shares of the company’s stock, valued at approximately $1,564,101. The disclosure for this sale can be found here. Insiders sold a total of 22,756 shares of company stock valued at $788,073 in the last three months. 0.57% of the stock is currently owned by corporate insiders.
Arconic (NYSE:ARNC) last announced its earnings results on Monday, May 3rd. The basic materials company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.19. Arconic had a negative net margin of 1.73% and a positive return on equity of 0.10%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts predict that Arconic Co. will post 1.97 EPS for the current year.
Several equities research analysts have commented on ARNC shares. JPMorgan Chase & Co. started coverage on shares of Arconic in a research report on Friday, April 23rd. They set a “neutral” rating and a $28.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Arconic from $38.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, May 6th. Finally, Zacks Investment Research raised Arconic from a “sell” rating to a “strong-buy” rating and set a $41.00 price target for the company in a research note on Monday, May 10th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Arconic has an average rating of “Buy” and an average target price of $36.20.
Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.
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