Arconic Inc (ARNC) Position Boosted by Sei Investments Co.
Sei Investments Co. raised its stake in shares of Arconic Inc (NASDAQ:ARNC) by 168.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 359,605 shares of the basic materials company’s stock after buying an additional 225,514 shares during the period. Sei Investments Co.’s holdings in Arconic were worth $8,144,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in ARNC. Vanguard Group Inc. raised its position in shares of 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 acquired a new position in shares of Arconic during the first quarter valued at approximately $141,040,000. Geode Capital Management LLC raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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 23.99 on Friday. Arconic Inc has a 1-year low of $16.75 and a 1-year high of $30.69. The firm’s market cap is $10.58 billion. The company’s 50-day moving average price is $24.36 and its 200 day moving average price is $26.32.
Arconic (NASDAQ:ARNC) last issued its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue was up .8% compared to the same quarter last year. On average, equities analysts expect that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Wednesday, August 2nd.
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ARNC has been the topic of several research reports. Vetr lowered Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 target price on the stock. in a research note on Thursday, June 1st. Zacks Investment Research lowered Arconic from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. J P Morgan Chase & Co reissued a “neutral” rating on shares of Arconic in a research note on Tuesday, June 27th. Deutsche Bank AG reissued a “buy” rating and set a $32.00 target price on shares of Arconic in a research note on Wednesday, April 19th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $28.00 target price on shares of Arconic in a research note on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Arconic has an average rating of “Buy” and an average price target of $26.88.
In related news, Director Patrice E. Merrin acquired 10,000 shares of Arconic stock in a transaction on Tuesday, May 30th. The shares were bought at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $135,850. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elmer L. Doty acquired 6,000 shares of Arconic stock in a transaction on Thursday, August 10th. The shares were bought at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the purchase, the director now owns 4,409 shares of the company’s stock, valued at $108,064.59. The disclosure for this purchase can be found here. Insiders purchased 28,325 shares of company stock worth $743,506 in the last quarter.
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.
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