Korea Investment CORP trimmed its position in shares of Arconic Inc (NASDAQ:ARNC) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,044 shares of the basic materials company’s stock after selling 7,033 shares during the period. Korea Investment CORP’s holdings in Arconic were worth $5,027,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in ARNC. Harris Associates L P increased its holdings in shares of Arconic by 151.0% during the 2nd quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after buying an additional 8,084,588 shares during the last quarter. Orbis Allan Gray Ltd increased its holdings in shares of Arconic by 50.9% during the 2nd quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock worth $517,132,000 after buying an additional 7,696,839 shares during the last quarter. Permian Investment Partners LP acquired a new stake in shares of Arconic during the 2nd quarter worth $34,975,000. Dimensional Fund Advisors LP increased its holdings in shares of Arconic by 33.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock worth $131,682,000 after buying an additional 1,468,173 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Arconic by 194.2% during the 2nd quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock worth $42,126,000 after buying an additional 1,227,740 shares during the last quarter.
In other news, Director Elmer L. Doty acquired 6,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was bought at an average cost of $24.51 per share, with a total value of $147,060.00. Following the transaction, the director now directly owns 4,409 shares in the company, valued at approximately $108,064.59. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James F. Albaugh acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $24.94 per share, with a total value of $124,700.00. Following the completion of the transaction, the director now owns 9,409 shares in the company, valued at $234,660.46. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 26,000 shares of company stock valued at $640,310.
Shares of Arconic Inc (NASDAQ ARNC) opened at $25.34 on Friday.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results 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). Arconic had a net margin of 3.68% and a return on equity of 7.07%. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. The company’s quarterly revenue was up 3.1% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Investors 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 annualized dividend and a yield of 0.95%.
A number of research firms have recently commented on ARNC. Cowen and Company restated a “hold” rating and set a $25.00 price objective on shares of Arconic in a report on Tuesday. Zacks Investment Research downgraded Arconic from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Deutsche Bank AG set a $31.00 price objective on Arconic and gave the stock a “buy” rating in a report on Tuesday, October 24th. Morgan Stanley restated a “hold” rating and set a $27.00 price objective on shares of Arconic in a report on Tuesday, October 24th. Finally, Vetr downgraded Arconic from a “buy” rating to a “hold” rating and set a $27.97 price objective for the company. in a report on Monday, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.33.
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.
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 (NASDAQ:ARNC).
What are top analysts saying about Arconic Inc? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Arconic Inc and related companies.