IMS Capital Management Sells 232 Shares of Arconic Inc (ARNC)
IMS Capital Management decreased its stake in shares of Arconic Inc (NASDAQ:ARNC) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,691 shares of the basic materials company’s stock after selling 232 shares during the period. IMS Capital Management’s holdings in Arconic were worth $990,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the stock. D.C. Capital Advisors Ltd purchased a new position in Arconic during the second quarter valued at $4,530,000. State of Wisconsin Investment Board raised its position in Arconic by 15.6% in the second quarter. State of Wisconsin Investment Board now owns 331,981 shares of the basic materials company’s stock valued at $7,519,000 after buying an additional 44,840 shares during the period. LMR Partners LLP purchased a new position in Arconic during the second quarter valued at $374,000. Savant Capital LLC raised its position in Arconic by 29.9% in the second quarter. Savant Capital LLC now owns 12,049 shares of the basic materials company’s stock valued at $273,000 after buying an additional 2,771 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Arconic by 19.1% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 203,171 shares of the basic materials company’s stock valued at $4,602,000 after buying an additional 32,649 shares during the period.
Shares of Arconic Inc (ARNC) opened at 24.75 on Wednesday. The company has a 50-day moving average of $24.35 and a 200 day moving average of $26.41. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The stock’s market cap is $10.92 billion.
Arconic (NASDAQ:ARNC) last released its earnings results on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts forecast that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be issued 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.
Several research firms have recently weighed in on ARNC. Vetr raised shares of Arconic to a “strong-buy” rating in a report on Thursday, July 27th. Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, July 13th. J P Morgan Chase & Co raised shares of Arconic from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $30.00 to $29.00 in a report on Monday, July 10th. Morgan Stanley reissued an “equal weight” rating on shares of Arconic in a report on Friday, June 30th. Finally, Cowen and Company reissued a “hold” rating and issued a $25.00 price target on shares of Arconic in a report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Arconic presently has an average rating of “Buy” and a consensus target price of $26.88.
In other Arconic news, Director Patricia F. Russo bought 15,000 shares of Arconic stock in a transaction on Tuesday, August 15th. The stock was bought at an average price of $24.57 per share, with a total value of $368,550.00. Following the completion of the acquisition, the director now owns 7,928 shares in the company, valued at $194,790.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher L. Ayers bought 7,325 shares of Arconic stock in a transaction on Friday, May 26th. The stock was acquired at an average cost of $27.31 per share, with a total value of $200,045.75. Following the acquisition, the director now owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The disclosure for this purchase can be found here. In the last three months, insiders acquired 43,325 shares of company stock valued at $1,112,056.
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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