IFM Investors Pty Ltd Grows Stock Position in Arconic Inc (NYSE:ARNC)

IFM Investors Pty Ltd grew its holdings in shares of Arconic Inc (NYSE:ARNC) by 34.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 46,293 shares of the basic materials company’s stock after purchasing an additional 11,912 shares during the quarter. IFM Investors Pty Ltd’s holdings in Arconic were worth $1,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prudential Financial Inc. grew its stake in shares of Arconic by 91.1% during the 2nd quarter. Prudential Financial Inc. now owns 7,138,305 shares of the basic materials company’s stock valued at $184,311,000 after acquiring an additional 3,402,531 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Arconic during the 2nd quarter valued at approximately $85,215,000. LSV Asset Management bought a new position in shares of Arconic during the 2nd quarter valued at approximately $72,241,000. Renaissance Technologies LLC grew its stake in shares of Arconic by 450.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,399,800 shares of the basic materials company’s stock valued at $36,143,000 after acquiring an additional 1,145,700 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Arconic during the 2nd quarter valued at approximately $25,790,000. 82.17% of the stock is owned by hedge funds and other institutional investors.

ARNC stock traded up $0.06 during midday trading on Friday, hitting $28.97. The company’s stock had a trading volume of 1,923,208 shares, compared to its average volume of 4,155,049. Arconic Inc has a 12 month low of $15.63 and a 12 month high of $29.55. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 21.30 and a beta of 1.49. The company has a 50 day moving average of $26.84 and a two-hundred day moving average of $24.83.

Arconic (NYSE:ARNC) last posted its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Arconic had a return on equity of 17.87% and a net margin of 2.66%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the company posted $0.32 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts anticipate that Arconic Inc will post 2.07 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be paid a $0.02 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.08 annualized dividend and a yield of 0.28%. Arconic’s payout ratio is 5.88%.

A number of research analysts recently issued reports on ARNC shares. Longbow Research downgraded Arconic from a “buy” rating to a “neutral” rating in a research note on Thursday, July 18th. Berenberg Bank started coverage on Arconic in a research note on Tuesday, October 8th. They set a “buy” rating for the company. Credit Suisse Group boosted their price objective on Arconic from $28.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, October 15th. Morgan Stanley boosted their price objective on Arconic from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, TheStreet upgraded Arconic from a “c” rating to a “b” rating in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $27.47.

In other news, insider Timothy Donald Myers sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total transaction of $253,300.00. Following the completion of the transaction, the insider now directly owns 23,759 shares in the company, valued at approximately $601,815.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder International L.P. Elliott sold 4,208,518 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $25.06, for a total value of $105,465,461.08. Following the transaction, the insider now owns 13,663,454 shares of the company’s stock, valued at $342,406,157.24. The disclosure for this sale can be found here. Insiders sold a total of 7,205,556 shares of company stock valued at $179,707,601 over the last 90 days. 0.14% of the stock is currently owned by corporate insiders.

Arconic Profile

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 segment 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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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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