Envestnet Asset Management Inc. trimmed its position in shares of Arconic Inc. (NYSE:ARNC) by 6.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,172 shares of the basic materials company’s stock after selling 2,567 shares during the period. Envestnet Asset Management Inc.’s holdings in Arconic were worth $876,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Arconic by 2.7% during the second quarter. Vanguard Group Inc. now owns 42,988,420 shares of the basic materials company’s stock worth $973,688,000 after purchasing an additional 1,111,404 shares in the last quarter. Orbis Allan Gray Ltd lifted its stake in Arconic by 50.9% during the second quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock worth $517,132,000 after purchasing an additional 7,696,839 shares in the last quarter. Harris Associates L P lifted its stake in Arconic by 151.0% during the second quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after purchasing an additional 8,084,588 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Arconic by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 6,137,495 shares of the basic materials company’s stock worth $152,744,000 after purchasing an additional 324,119 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Arconic by 194.2% during the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock worth $42,126,000 after purchasing an additional 1,227,740 shares in the last quarter. Institutional investors own 74.62% of the company’s stock.

Shares of Arconic Inc. (NYSE ARNC) opened at $26.13 on Thursday. The stock has a market capitalization of $12,336.34, a price-to-earnings ratio of 25.13 and a beta of 0.85. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15. Arconic Inc. has a 52 week low of $18.47 and a 52 week high of $30.69.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. analysts anticipate that Arconic Inc. will post 1.17 EPS for the current year.

Several analysts have recently issued reports on ARNC shares. Zacks Investment Research cut Arconic from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Vetr upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.97 price objective on the stock in a research note on Tuesday, October 17th. Cowen reiterated a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research note on Thursday, October 19th. Seaport Global Securities reiterated a “buy” rating and issued a $29.00 price objective (up from $27.00) on shares of Arconic in a research note on Tuesday, September 26th. Finally, BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $28.75.

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Arconic 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.

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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