Caisse DE Depot ET Placement DU Quebec cut its holdings in Arconic Inc (NYSE:ARNC) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,640 shares of the basic materials company’s stock after selling 6,460 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in Arconic were worth $3,233,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Ark Investment Management LLC increased its position in shares of Arconic by 54.3% in the second quarter. Ark Investment Management LLC now owns 16,515 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 5,810 shares in the last quarter. State of Wisconsin Investment Board grew its holdings in Arconic by 3.4% during the 3rd quarter. State of Wisconsin Investment Board now owns 343,324 shares of the basic materials company’s stock worth $8,542,000 after acquiring an additional 11,343 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in Arconic by 66.4% during the 3rd quarter. State of Tennessee Treasury Department now owns 200,645 shares of the basic materials company’s stock worth $4,992,000 after acquiring an additional 80,090 shares in the last quarter. Swiss National Bank grew its holdings in Arconic by 1.5% during the 3rd quarter. Swiss National Bank now owns 1,459,895 shares of the basic materials company’s stock worth $36,322,000 after acquiring an additional 21,900 shares in the last quarter. Finally, Pitcairn Co. acquired a new position in Arconic during the 3rd quarter worth $209,000. 80.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arconic Inc (NYSE:ARNC) opened at $24.03 on Tuesday. The company has a current ratio of 2.26, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a market cap of $11,856.89, a P/E ratio of -109.23, a P/E/G ratio of 0.82 and a beta of 1.09. Arconic Inc has a fifty-two week low of $21.75 and a fifty-two week high of $31.17.
Arconic (NYSE:ARNC) last posted its earnings results on Monday, February 5th. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.07. Arconic had a negative net margin of 0.57% and a positive return on equity of 11.29%. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the company earned $0.12 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. analysts anticipate that Arconic Inc will post 1.5 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Stockholders of record on Friday, May 4th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Thursday, May 3rd. Arconic’s payout ratio is -109.09%.
In related news, Director David P. Hess purchased 40,300 shares of Arconic stock in a transaction that occurred on Thursday, February 8th. The shares were acquired at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the transaction, the director now directly owns 127,870 shares in the company, valued at $3,171,176. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.12% of the stock is currently owned by corporate insiders.
ARNC has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Arconic from a “sell” rating to a “hold” rating in a report on Tuesday, December 26th. Wells Fargo initiated coverage on shares of Arconic in a research report on Thursday, January 4th. They issued an “outperform” rating and a $35.00 price objective on the stock. Cowen reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research report on Wednesday, January 3rd. Seaport Global Securities restated a “buy” rating and set a $33.00 price target on shares of Arconic in a research report on Monday, January 22nd. Finally, Morgan Stanley restated a “hold” rating and set a $28.00 price target (down from $30.00) on shares of Arconic in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $29.89.
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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.
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