20,000 Shares in Arconic Inc (ARNC) Acquired by New Jersey Better Educational Savings Trust
New Jersey Better Educational Savings Trust bought a new stake in Arconic Inc (NASDAQ:ARNC) during the second quarter, Holdings Channel reports. The fund bought 20,000 shares of the basic materials company’s stock, valued at approximately $453,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock valued at $1,103,040,000 after buying an additional 1,559,763 shares during the period. Harris Associates L P purchased a new position in Arconic during the first quarter valued at approximately $141,040,000. Geode Capital Management LLC boosted its position in Arconic by 9.0% in the first quarter. Geode Capital Management LLC now owns 4,323,347 shares of the basic materials company’s stock valued at $113,717,000 after buying an additional 356,550 shares during the period. Legal & General Group Plc boosted its position in Arconic by 6.4% in the first quarter. Legal & General Group Plc now owns 2,256,253 shares of the basic materials company’s stock valued at $59,427,000 after buying an additional 135,341 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its position in Arconic by 14.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,690,000 shares of the basic materials company’s stock valued at $38,279,000 after buying an additional 215,000 shares during the period.
Arconic Inc (NASDAQ ARNC) opened at 24.02 on Friday. The company’s market cap is $10.59 billion. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The firm has a 50-day moving average of $24.40 and a 200 day moving average of $26.31.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. The firm’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.00%. The ex-dividend date is Wednesday, August 2nd.
Several research analysts have commented on ARNC shares. Vetr cut shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 target price for the company. in a research report on Thursday, June 1st. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. J P Morgan Chase & Co restated a “neutral” rating on shares of Arconic in a research report on Tuesday, June 27th. Deutsche Bank AG restated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research report on Wednesday, April 19th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $26.88.
In related news, Director Christopher L. Ayers acquired 7,325 shares of the stock in a transaction on Friday, May 26th. The stock was purchased at an average price of $27.31 per share, for a total transaction of $200,045.75. Following the transaction, the director now owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Patrice E. Merrin acquired 10,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was bought at an average price of $27.17 per share, with a total value of $271,700.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $135,850. The disclosure for this purchase can be found here. Insiders have purchased a total of 28,325 shares of company stock valued at $743,506 over the last three months.
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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