Arconic Inc (ARNC) Stake Decreased by Bbva Compass Bancshares Inc.
Bbva Compass Bancshares Inc. cut its stake in Arconic Inc (NASDAQ:ARNC) by 0.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,670 shares of the basic materials company’s stock after selling 10 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Arconic were worth $219,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ARNC. Pettee Investors Inc. acquired a new stake in shares of Arconic during the first quarter valued at approximately $218,000. Dai Ichi Life Insurance Company Ltd acquired a new stake in shares of Arconic during the first quarter valued at approximately $221,000. Sii Investments Inc. WI acquired a new stake in shares of Arconic during the first quarter valued at approximately $227,000. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in shares of Arconic during the first quarter valued at approximately $228,000. Finally, Pitcairn Co. acquired a new stake in shares of Arconic during the first quarter valued at approximately $231,000.
Shares of Arconic Inc (NASDAQ:ARNC) opened at 24.65 on Thursday. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The company’s 50-day moving average price is $24.43 and its 200-day moving average price is $26.32. The firm’s market cap is $10.87 billion.
Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share 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 net margin of 6.50% and a return on equity of 14.01%. The firm’s revenue was up .8% on a year-over-year basis. Equities analysts expect that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Wednesday, August 2nd.
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Several analysts have recently commented on ARNC shares. Deutsche Bank AG reaffirmed a “buy” rating and issued a $32.00 target price on shares of Arconic in a research report on Wednesday, April 19th. Vetr cut Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 target price for the company. in a research report on Tuesday, April 25th. Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Tuesday, June 20th. Seaport Global Securities raised Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Thursday, July 13th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $28.00 price objective on shares of Arconic in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arconic currently has an average rating of “Buy” and an average price target of $26.88.
In related news, Director Patrice E. Merrin bought 10,000 shares of Arconic stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average cost of $27.17 per share, with a total value of $271,700.00. Following the purchase, the director now owns 5,000 shares in the company, valued at $135,850. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher L. Ayers bought 7,325 shares of Arconic stock in a transaction that occurred on Friday, May 26th. The stock was bought at an average cost of $27.31 per share, with a total value of $200,045.75. Following the completion of the purchase, the director now owns 7,425 shares in the company, valued at approximately $202,776.75. The disclosure for this purchase can be found here.
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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