Arconic Inc (NYSE:ARNC) Shares Sold by Metropolitan Life Insurance Co NY

Metropolitan Life Insurance Co NY cut its holdings in Arconic Inc (NYSE:ARNC) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,778 shares of the basic materials company’s stock after selling 2,323 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Arconic were worth $1,528,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rational Advisors LLC grew its stake in shares of Arconic by 147.3% in the 3rd quarter. Rational Advisors LLC now owns 1,291 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 769 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in Arconic during the third quarter worth approximately $38,000. First Bank & Trust grew its position in Arconic by 8,990.9% in the third quarter. First Bank & Trust now owns 2,000 shares of the basic materials company’s stock worth $52,000 after buying an additional 1,978 shares during the last quarter. Rothschild & Co Wealth Management UK Ltd acquired a new position in Arconic in the second quarter worth approximately $99,000. Finally, TRUE Private Wealth Advisors acquired a new position in Arconic in the second quarter worth approximately $104,000. 83.79% of the stock is owned by institutional investors.

A number of equities research analysts have recently commented on ARNC shares. Credit Suisse Group increased their price objective on Arconic from $28.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. lifted their target price on Arconic from $30.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday. Morgan Stanley boosted their target price on Arconic from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Berenberg Bank initiated coverage on Arconic in a report on Tuesday, October 8th. They set a “buy” rating for the company. Finally, TheStreet raised Arconic from a “c” rating to a “b” rating in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $28.58.

In related news, Director James F. Albaugh acquired 5,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were purchased at an average price of $29.50 per share, for a total transaction of $147,500.00. Following the purchase, the director now owns 29,486 shares in the company, valued at $869,837. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy Donald Myers sold 29,849 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $30.82, for a total transaction of $919,946.18. Following the completion of the transaction, the executive vice president now owns 28,925 shares in the company, valued at approximately $891,468.50. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Arconic stock opened at $30.48 on Friday. Arconic Inc has a 52 week low of $15.63 and a 52 week high of $31.40. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.75 and a current ratio of 1.32. The firm has a market capitalization of $13.40 billion, a price-to-earnings ratio of 22.41 and a beta of 1.52. The company has a 50 day moving average price of $29.27 and a 200 day moving average price of $26.00.

Arconic (NYSE:ARNC) last announced its earnings results on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.59 billion. Arconic had a net margin of 2.66% and a return on equity of 17.87%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. Equities analysts forecast that Arconic Inc will post 2.14 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.26%. Arconic’s dividend payout ratio is 5.88%.

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.

Further Reading: What is Depreciation?

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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