Korea Investment CORP Buys 11,530 Shares of Arconic Inc (ARNC)
Korea Investment CORP increased its position in Arconic Inc (NASDAQ:ARNC) by 5.8% during the second quarter, Holdings Channel reports. The fund owned 209,077 shares of the basic materials company’s stock after buying an additional 11,530 shares during the period. Korea Investment CORP’s holdings in Arconic were worth $4,736,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of ARNC. Pettee Investors Inc. bought a new position in shares of Arconic during the first quarter worth about $218,000. Dai Ichi Life Insurance Company Ltd bought a new position in shares of Arconic during the first quarter worth about $221,000. Sii Investments Inc. WI bought a new position in shares of Arconic during the first quarter worth about $227,000. Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Arconic during the first quarter worth about $228,000. Finally, Pitcairn Co. bought a new position in shares of Arconic during the first quarter worth about $231,000.
Shares of Arconic Inc (NASDAQ ARNC) opened at 23.99 on Friday. The firm’s market capitalization is $10.58 billion. The company’s 50-day moving average price is $24.36 and its 200-day moving average price is $26.32. Arconic Inc has a 12-month low of $16.75 and a 12-month high of $30.69.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. Arconic’s quarterly revenue was up .8% on a year-over-year basis. Analysts anticipate that Arconic Inc will post $1.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.24 annualized dividend and a yield of 1.00%.
A number of equities analysts have recently issued reports on the company. Cowen and Company reissued a “hold” rating and issued a $25.00 target price on shares of Arconic in a report on Monday, June 26th. Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, June 20th. Seaport Global Securities raised 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 cut Arconic to a “neutral” rating and set a $30.00 price target for the company. in a report on Wednesday, April 26th. Finally, Vetr cut Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $26.88.
In other news, Director Elmer L. Doty acquired 6,000 shares of the stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the transaction, the director now directly owns 4,409 shares in the company, valued at $108,064.59. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Patrice E. Merrin acquired 10,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were purchased at an average price of $27.17 per share, with a total value of $271,700.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $135,850. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 28,325 shares of company stock valued at $743,506.
Arconic Company 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.
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