State of New Jersey Common Pension Fund D reduced its position in shares of Arconic Inc (NASDAQ:ARNC) by 35.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,090,000 shares of the basic materials company’s stock after selling 600,000 shares during the period. State of New Jersey Common Pension Fund D owned about 0.25% of Arconic worth $27,119,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Huntington National Bank purchased a new position in shares of Arconic during the third quarter worth $132,000. Mount Vernon Associates Inc. MD purchased a new position in shares of Arconic during the third quarter worth $859,000. Mizuho Securities USA LLC purchased a new position in shares of Arconic during the third quarter worth $3,060,000. CAPROCK Group Inc. purchased a new position in shares of Arconic during the third quarter worth $267,000. Finally, Toronto Dominion Bank boosted its position in shares of Arconic by 24.6% during the second quarter. Toronto Dominion Bank now owns 150,125 shares of the basic materials company’s stock worth $3,399,000 after buying an additional 29,635 shares during the period.
In other news, Director James F. Albaugh acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was bought at an average cost of $24.94 per share, with a total value of $124,700.00. Following the transaction, the director now directly owns 9,409 shares in the company, valued at approximately $234,660.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patricia F. Russo acquired 15,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $24.57 per share, with a total value of $368,550.00. Following the completion of the transaction, the director now owns 7,928 shares in the company, valued at $194,790.96. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 26,000 shares of company stock valued at $640,310.
Shares of Arconic Inc (ARNC) opened at 24.61 on Friday. The firm has a 50-day moving average price of $26.05 and a 200-day moving average price of $25.83. Arconic Inc has a 1-year low of $16.75 and a 1-year high of $30.69. The firm’s market capitalization is $10.85 billion.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The firm had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a net margin of 3.68% and a return on equity of 7.07%. Arconic’s quarterly revenue was up 3.1% on a year-over-year basis. On average, analysts forecast that Arconic Inc will post $1.15 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders 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 dividend on an annualized basis and a yield of 0.98%.
Several analysts have recently issued reports on ARNC shares. Vetr cut Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 price objective on the stock. in a research note on Monday, October 9th. Zacks Investment Research cut Arconic from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Cowen and Company reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research note on Thursday, October 19th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Finally, Seaport Global Securities reiterated a “buy” rating and issued a $29.00 price objective (up from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.18.
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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