Canada Pension Plan Investment Board Lowers Position in Arconic Inc. (NYSE:ARNC)

Canada Pension Plan Investment Board cut its holdings in Arconic Inc. (NYSE:ARNC) by 85.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 74,668 shares of the basic materials company’s stock after selling 429,481 shares during the period. Canada Pension Plan Investment Board’s holdings in Arconic were worth $1,858,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Fiduciary Trust Co. acquired a new stake in Arconic during the second quarter worth about $111,000. Capstone Investment Advisors Netherlands B.V. boosted its stake in shares of Arconic by 47.9% in the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,604 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Arconic in the 3rd quarter valued at approximately $132,000. BRYN MAWR TRUST Co acquired a new stake in shares of Arconic in the 2nd quarter valued at approximately $214,000. Finally, Wayne Hummer Investments L.L.C. boosted its stake in shares of Arconic by 8.2% in the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 732 shares in the last quarter. Institutional investors and hedge funds own 74.71% of the company’s stock.

A number of research firms have recently weighed in on ARNC. Cowen restated a “hold” rating and issued a $25.00 price target on shares of Arconic in a research note on Tuesday, October 31st. Zacks Investment Research lowered shares of Arconic from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Vetr upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $27.97 price target for the company in a report on Tuesday, October 17th. Seaport Global Securities restated a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Finally, Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Tuesday, August 22nd. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.33.

Arconic Inc. (NYSE:ARNC) traded up $0.23 during midday trading on Monday, reaching $24.73. 4,075,098 shares of the company traded hands, compared to its average volume of 4,145,821. Arconic Inc. has a twelve month low of $18.47 and a twelve month high of $30.69. The company has a current ratio of 2.30, a quick ratio of 1.38 and a debt-to-equity ratio of 1.15. The firm has a market cap of $11,900.00, a P/E ratio of 24.02 and a beta of 0.85.

Arconic (NYSE:ARNC) last posted its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). The firm had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. sell-side analysts anticipate that Arconic Inc. will post 1.16 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date was Thursday, November 2nd. Arconic’s dividend payout ratio is -11.21%.

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Arconic Company Profile

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.

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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