Xact Kapitalforvaltning AB Raises Stake in Arconic Inc (ARNC)

Xact Kapitalforvaltning AB grew its holdings in Arconic Inc (NYSE:ARNC) by 17.9% during the first quarter, HoldingsChannel.com reports. The fund owned 43,465 shares of the basic materials company’s stock after purchasing an additional 6,595 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Arconic were worth $1,001,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Meadow Creek Investment Management LLC raised its stake in shares of Arconic by 20.3% in the 4th quarter. Meadow Creek Investment Management LLC now owns 13,680 shares of the basic materials company’s stock valued at $373,000 after acquiring an additional 2,304 shares during the period. Stratos Wealth Partners LTD. increased its stake in Arconic by 36.1% during the 1st quarter. Stratos Wealth Partners LTD. now owns 11,460 shares of the basic materials company’s stock worth $264,000 after buying an additional 3,039 shares during the period. Daiwa Securities Group Inc. increased its stake in Arconic by 4.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 67,829 shares of the basic materials company’s stock worth $1,562,000 after buying an additional 3,174 shares during the period. AMP Capital Investors Ltd increased its stake in Arconic by 2.9% during the 4th quarter. AMP Capital Investors Ltd now owns 122,586 shares of the basic materials company’s stock worth $3,342,000 after buying an additional 3,398 shares during the period. Finally, Aperio Group LLC increased its stake in Arconic by 3.4% during the 1st quarter. Aperio Group LLC now owns 109,861 shares of the basic materials company’s stock worth $2,531,000 after buying an additional 3,573 shares during the period. 83.54% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Ulrich Schmidt acquired 2,000 shares of the firm’s stock in a transaction on Thursday, May 3rd. The stock was bought at an average cost of $16.75 per share, with a total value of $33,500.00. Following the acquisition, the director now directly owns 12,854 shares in the company, valued at $215,304.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder International L.P. Elliott purchased 544,000 shares of the firm’s stock in a transaction dated Tuesday, May 15th. The stock was acquired at an average cost of $17.96 per share, with a total value of $9,770,240.00. Following the completion of the acquisition, the insider now directly owns 35,293,450 shares in the company, valued at approximately $633,870,362. The disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Shares of Arconic opened at $17.01 on Friday, Marketbeat Ratings reports. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 0.69 and a beta of 1.16. The company has a quick ratio of 1.16, a current ratio of 2.10 and a debt-to-equity ratio of 1.21. Arconic Inc has a 1-year low of $16.47 and a 1-year high of $31.17.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, April 30th. The basic materials company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.34 billion. Arconic had a negative net margin of 1.91% and a positive return on equity of 11.40%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the business earned $0.33 EPS. equities analysts forecast that Arconic Inc will post 1.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, August 25th. Shareholders of record on Friday, August 3rd will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Thursday, August 2nd. Arconic’s dividend payout ratio is currently 19.67%.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Arconic from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 3rd. Barclays reaffirmed a “hold” rating and set a $20.00 price target on shares of Arconic in a research note on Sunday, May 13th. Seaport Global Securities reaffirmed a “buy” rating and set a $29.00 price target on shares of Arconic in a research note on Thursday, April 19th. Argus downgraded shares of Arconic from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, Morgan Stanley dropped their price target on shares of Arconic from $27.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $27.00.

About Arconic

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through 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, as well as various forged, extruded, and machined metal products.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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