Arconic Inc (ARNC) Position Cut by IFP Advisors Inc
IFP Advisors Inc reduced its position in shares of Arconic Inc (NASDAQ:ARNC) by 10.1% during the second quarter, Holdings Channel reports. The institutional investor owned 17,098 shares of the basic materials company’s stock after selling 1,919 shares during the period. IFP Advisors Inc’s holdings in Arconic were worth $387,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Tricadia Capital Management LLC bought a new position in shares of Arconic during the first quarter worth about $8,179,000. Northwestern Mutual Investment Management Company LLC raised its position in shares of Arconic by 76.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 89,052 shares of the basic materials company’s stock worth $2,346,000 after buying an additional 38,702 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of Arconic by 11.3% in the first quarter. Levin Capital Strategies L.P. now owns 48,323 shares of the basic materials company’s stock worth $1,273,000 after buying an additional 4,890 shares in the last quarter. Condor Capital Management raised its position in shares of Arconic by 42.5% in the first quarter. Condor Capital Management now owns 32,441 shares of the basic materials company’s stock worth $855,000 after buying an additional 9,682 shares in the last quarter. Finally, Quantitative Investment Management LLC raised its position in shares of Arconic by 21.7% in the first quarter. Quantitative Investment Management LLC now owns 441,800 shares of the basic materials company’s stock worth $11,637,000 after buying an additional 78,700 shares in the last quarter.
Shares of Arconic Inc (NASDAQ ARNC) opened at 24.56 on Tuesday. The firm has a 50-day moving average of $24.33 and a 200-day moving average of $26.39. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The firm’s market capitalization is $10.83 billion.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. Arconic’s revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be given a $0.06 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 0.98%.
A number of brokerages recently issued reports on ARNC. Vetr lowered shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price for the company. in a research report on Monday, May 15th. Zacks Investment Research lowered shares of Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. J P Morgan Chase & Co lowered shares of Arconic to a “neutral” rating and set a $30.00 target price for the company. in a research report on Wednesday, April 26th. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research report on Tuesday, June 13th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $26.88.
In other news, Director James F. Albaugh acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average cost of $24.94 per share, for a total transaction of $124,700.00. Following the completion of the transaction, the director now directly owns 9,409 shares in the company, valued at $234,660.46. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Christopher L. Ayers acquired 7,325 shares of the stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average price of $27.31 per share, with a total value of $200,045.75. Following the completion of the transaction, the director now owns 7,425 shares of the company’s stock, valued at $202,776.75. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 28,325 shares of company stock valued at $743,506.
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.
Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Inc (NASDAQ:ARNC).
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.