Arizona State Retirement System lifted its stake in Arconic Inc (NYSE:ARNC) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 243,861 shares of the basic materials company’s stock after purchasing an additional 9,943 shares during the period. Arizona State Retirement System owned 0.05% of Arconic worth $5,367,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. BlueMountain Capital Management LLC purchased a new stake in shares of Arconic in the 2nd quarter worth about $104,000. Fuller & Thaler Asset Management Inc. increased its stake in shares of Arconic by 198.0% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock worth $124,000 after acquiring an additional 4,850 shares in the last quarter. Highstreet Asset Management Inc. increased its stake in shares of Arconic by 1,475.0% in the 2nd quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock worth $144,000 after acquiring an additional 7,906 shares in the last quarter. LMR Partners LLP bought a new position in shares of Arconic in the 2nd quarter worth about $171,000. Finally, Zeke Capital Advisors LLC bought a new position in shares of Arconic in the 2nd quarter worth about $203,000. 82.97% of the stock is owned by hedge funds and other institutional investors.
ARNC has been the subject of several research reports. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Friday, August 3rd. Jefferies Financial Group set a $25.00 price target on shares of Arconic and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Morgan Stanley set a $20.00 price target on shares of Arconic and gave the stock a “hold” rating in a research note on Monday, July 16th. ValuEngine upgraded shares of Arconic from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Arconic in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $24.20.
NYSE:ARNC opened at $20.92 on Wednesday. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 0.81 and a beta of 1.22. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.03 and a quick ratio of 1.16. Arconic Inc has a fifty-two week low of $16.47 and a fifty-two week high of $31.17.
Arconic (NYSE:ARNC) last released its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. The business had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.48 billion. Arconic had a negative net margin of 2.19% and a positive return on equity of 12.94%. Arconic’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. Equities research analysts expect that Arconic Inc will post 1.31 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, November 25th. Shareholders of record on Friday, November 2nd will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, November 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.15%. Arconic’s dividend payout ratio is currently 19.67%.
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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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