Loomis Sayles & Co. L P decreased its holdings in shares of Arconic Inc (NYSE:ARNC) by 1.0% in the 3rd quarter, Holdings Channel reports. The firm owned 4,169,769 shares of the basic materials company’s stock after selling 40,156 shares during the period. Loomis Sayles & Co. L P’s holdings in Arconic were worth $91,777,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in ARNC. Cornerstone Wealth Management LLC bought a new stake in shares of Arconic during the second quarter worth approximately $711,000. Daiwa Securities Group Inc. raised its stake in shares of Arconic by 17.1% during the second quarter. Daiwa Securities Group Inc. now owns 79,429 shares of the basic materials company’s stock worth $1,352,000 after buying an additional 11,600 shares during the last quarter. Aperio Group LLC raised its stake in shares of Arconic by 3.7% during the second quarter. Aperio Group LLC now owns 113,929 shares of the basic materials company’s stock worth $1,938,000 after buying an additional 4,068 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Arconic by 6.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 121,550 shares of the basic materials company’s stock worth $2,068,000 after buying an additional 7,131 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Arconic by 6.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,317,895 shares of the basic materials company’s stock worth $22,417,000 after buying an additional 83,721 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company’s stock.
A number of equities research analysts recently weighed in on ARNC shares. Zacks Investment Research downgraded shares of Arconic from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. ValuEngine raised shares of Arconic from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 12th. Morgan Stanley set a $22.00 price target on shares of Arconic and gave the stock a “hold” rating in a research note on Wednesday, October 10th. TheStreet raised shares of Arconic from a “d+” rating to a “c-” rating in a research note on Monday, October 15th. Finally, Jefferies Financial Group set a $25.00 price objective on shares of Arconic and gave the company a “buy” rating in a report on Wednesday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $24.20.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.02. The firm had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Arconic had a negative net margin of 2.19% and a positive return on equity of 12.94%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. As a group, equities research analysts predict that Arconic Inc will post 1.31 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, November 25th. Investors of record on Friday, November 2nd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend was Thursday, November 1st. Arconic’s dividend payout ratio is currently 19.67%.
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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.
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