Northern Trust Corp increased its stake in shares of Arconic Inc (NYSE:ARNC) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,645,621 shares of the basic materials company’s stock after buying an additional 141,957 shares during the quarter. Northern Trust Corp owned about 0.96% of Arconic worth $78,325,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Enlightenment Research LLC purchased a new stake in shares of Arconic during the fourth quarter valued at $67,000. We Are One Seven LLC acquired a new position in Arconic during the fourth quarter valued at $109,000. Oregon Public Employees Retirement Fund raised its position in Arconic by 1,764.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,173,996 shares of the basic materials company’s stock valued at $129,000 after buying an additional 2,057,395 shares during the period. Cerebellum GP LLC acquired a new position in Arconic during the fourth quarter valued at $135,000. Finally, Trust Asset Management LLC raised its position in Arconic by 2,101.0% during the third quarter. Trust Asset Management LLC now owns 73,359 shares of the basic materials company’s stock valued at $204,000 after buying an additional 70,026 shares during the period. Institutional investors own 82.24% of the company’s stock.
In other news, Chairman John C. Plant acquired 105,000 shares of Arconic stock in a transaction on Thursday, March 7th. The stock was bought at an average price of $18.51 per share, for a total transaction of $1,943,550.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have purchased 280,000 shares of company stock valued at $5,192,250. 0.17% of the stock is owned by corporate insiders.
Arconic (NYSE:ARNC) last announced its earnings results on Friday, February 8th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.03. Arconic had a return on equity of 12.73% and a net margin of 4.58%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts forecast that Arconic Inc will post 1.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Investors of record on Friday, May 3rd will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.08 annualized dividend and a yield of 0.42%. Arconic’s payout ratio is 17.65%.
Several research firms recently weighed in on ARNC. Zacks Investment Research lowered Arconic from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 15th. Longbow Research raised Arconic from a “neutral” rating to a “buy” rating and dropped their price target for the company from $23.25 to $18.26 in a research report on Thursday, December 20th. JPMorgan Chase & Co. lowered Arconic from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $24.00 to $22.00 in a research report on Monday, January 14th. ValuEngine lowered Arconic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 22nd. Finally, Cowen reissued a “hold” rating and set a $20.00 price target on shares of Arconic in a research report on Friday, February 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.48.
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Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
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