Arconic Inc (ARNC) Shares Sold by Korea Investment CORP

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%.

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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.

About Arconic

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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Institutional Ownership by Quarter for Arconic (NASDAQ:ARNC)

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