CIBC Private Wealth Group LLC grew its holdings in shares of Arconic Inc (NYSE:ARNC) by 476.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,957 shares of the basic materials company’s stock after acquiring an additional 42,948 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Arconic were worth $883,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Stratos Wealth Partners LTD. raised its stake in shares of Arconic by 36.1% during the first quarter. Stratos Wealth Partners LTD. now owns 11,460 shares of the basic materials company’s stock worth $264,000 after acquiring an additional 3,039 shares in the last quarter. Bell & Brown Wealth Advisors LLC raised its stake in shares of Arconic by 17.8% during the second quarter. Bell & Brown Wealth Advisors LLC now owns 20,142 shares of the basic materials company’s stock worth $343,000 after acquiring an additional 3,050 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Arconic by 4.9% during the first quarter. Daiwa Securities Group Inc. now owns 67,829 shares of the basic materials company’s stock worth $1,562,000 after acquiring an additional 3,174 shares in the last quarter. Intact Investment Management Inc. raised its stake in shares of Arconic by 22.1% during the second quarter. Intact Investment Management Inc. now owns 17,700 shares of the basic materials company’s stock worth $301,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Aperio Group LLC raised its stake in shares of Arconic by 3.4% during the first quarter. Aperio Group LLC now owns 109,861 shares of the basic materials company’s stock worth $2,531,000 after acquiring an additional 3,573 shares in the last quarter. 80.55% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Arconic stock opened at $20.88 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.15 and a debt-to-equity ratio of 1.22. Arconic Inc has a 52-week low of $16.47 and a 52-week high of $31.17. The company has a market capitalization of $10.05 billion, a PE ratio of 17.11, a PEG ratio of 0.83 and a beta of 1.30.

Arconic (NYSE:ARNC) last issued its earnings results on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.08. Arconic had a negative net margin of 2.55% and a positive return on equity of 12.06%. The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter last year, the business earned $0.32 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. analysts predict that Arconic Inc will post 1.25 EPS for the current year.

Several research analysts have commented on ARNC shares. Longbow Research downgraded shares of Arconic from a “buy” rating to a “neutral” rating in a research note on Monday, April 23rd. Zacks Investment Research raised shares of Arconic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 25th. JPMorgan Chase & Co. decreased their price target on shares of Arconic from $33.00 to $27.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 1st. Wells Fargo & Co reissued an “outperform” rating and set a $25.00 price target (down from $32.00) on shares of Arconic in a research note on Tuesday, May 1st. Finally, Credit Suisse Group cut their target price on shares of Arconic from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, May 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $25.61.

Arconic Company Profile

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions 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, as well as various forged, extruded, and machined metal products.

Further Reading: How Do You Make Money With Penny Stocks?

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 (NYSE:ARNC).

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.