Bank of New York Mellon Corp Reduces Position in Arconic Inc (NYSE:ARNC)
Bank of New York Mellon Corp lessened its stake in shares of Arconic Inc (NYSE:ARNC) by 61.9% in the second quarter, HoldingsChannel.com reports. The firm owned 1,026,013 shares of the basic materials company’s stock after selling 1,663,913 shares during the quarter. Bank of New York Mellon Corp’s holdings in Arconic were worth $14,292,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Watson Rebecca bought a new position in Arconic in the second quarter worth $41,000. Nisa Investment Advisors LLC bought a new position in Arconic in the second quarter worth $64,000. Parallel Advisors LLC bought a new position in Arconic in the second quarter worth $73,000. Bartlett & Co. LLC bought a new position in Arconic in the first quarter worth $84,000. Finally, First Quadrant L P CA bought a new position in shares of Arconic during the second quarter valued at $104,000. 86.65% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on ARNC shares. Credit Suisse Group started coverage on Arconic in a report on Wednesday, May 20th. They set an “outperform” rating and a $22.00 price target for the company. Benchmark restated a “buy” rating and set a $27.00 price target on shares of Arconic in a report on Wednesday, September 9th. Finally, Deutsche Bank began coverage on Arconic in a report on Sunday. They set a “buy” rating and a $32.00 price target for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.40.
Arconic (NYSE:ARNC) last posted its quarterly earnings data on Tuesday, August 4th. The basic materials company reported ($0.84) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($1.07). The firm had revenue of $1.19 billion during the quarter.
Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
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