NGAM Advisors L.P. Has $2.67 Million Position in Arconic Inc (NASDAQ:ARNC)
NGAM Advisors L.P. raised its stake in shares of Arconic Inc (NASDAQ:ARNC) by 177.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,687 shares of the basic materials company’s stock after buying an additional 75,257 shares during the period. NGAM Advisors L.P.’s holdings in Arconic were worth $2,665,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Tricadia Capital Management LLC acquired a new stake in Arconic during the first quarter valued at about $8,179,000. Northwestern Mutual Investment Management Company LLC raised its stake in Arconic by 76.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 89,052 shares of the basic materials company’s stock valued at $2,346,000 after buying an additional 38,702 shares during the last quarter. Levin Capital Strategies L.P. raised its stake in Arconic by 11.3% in the first quarter. Levin Capital Strategies L.P. now owns 48,323 shares of the basic materials company’s stock valued at $1,273,000 after buying an additional 4,890 shares during the last quarter. Condor Capital Management raised its stake in Arconic by 42.5% in the first quarter. Condor Capital Management now owns 32,441 shares of the basic materials company’s stock valued at $855,000 after buying an additional 9,682 shares during the last quarter. Finally, Quantitative Investment Management LLC raised its stake in Arconic by 21.7% in the first quarter. Quantitative Investment Management LLC now owns 441,800 shares of the basic materials company’s stock valued at $11,637,000 after buying an additional 78,700 shares during the last quarter.
Shares of Arconic Inc (NASDAQ:ARNC) opened at 23.99 on Friday. The stock’s 50 day moving average is $24.36 and its 200-day moving average is $26.32. Arconic Inc has a 12-month low of $16.75 and a 12-month high of $30.69. The stock’s market capitalization is $10.58 billion.
Arconic (NASDAQ:ARNC) last posted its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.18 billion. Arconic’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts expect that Arconic Inc will post $1.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%.
TRADEMARK VIOLATION WARNING: This news story was first posted by Watch List News and is the property of of Watch List News. If you are viewing this news story on another site, it was copied illegally and reposted in violation of international copyright & trademark law. The correct version of this news story can be read at https://www.watchlistnews.com/ngam-advisors-l-p-has-2-67-million-position-in-arconic-inc-nasdaqarnc/1476641.html.
Several research firms have issued reports on ARNC. Vetr lowered shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a research report on Monday, May 15th. Zacks Investment Research lowered shares of Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. J P Morgan Chase & Co lowered shares of Arconic to a “neutral” rating and set a $30.00 price target for the company. in a research report on Wednesday, April 26th. Morgan Stanley restated an “equal weight” rating and set a $28.00 price target on shares of Arconic in a research report on Tuesday, June 13th. Finally, Deutsche Bank AG restated a “buy” rating and set a $32.00 price target on shares of Arconic in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.88.
In other news, Director James F. Albaugh purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average cost of $24.94 per share, with a total value of $124,700.00. Following the purchase, the director now owns 9,409 shares in the company, valued at $234,660.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrice E. Merrin purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average cost of $27.17 per share, with a total value of $271,700.00. Following the completion of the purchase, the director now owns 5,000 shares in the company, valued at approximately $135,850. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 28,325 shares of company stock worth $743,506.
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.
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 (NASDAQ:ARNC).
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.