Pitcairn Co. Takes Position in Arconic Inc (ARNC)
Pitcairn Co. purchased a new position in Arconic Inc (NASDAQ:ARNC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,418 shares of the basic materials company’s stock, valued at approximately $209,000.
Other institutional investors also recently bought and sold shares of the company. Harris Associates L P raised its position in shares of Arconic by 151.0% in 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 buying an additional 8,084,588 shares in the last quarter. Orbis Allan Gray Ltd raised its position in shares of Arconic by 50.9% in 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 buying an additional 7,696,839 shares in the last quarter. Permian Investment Partners LP purchased a new stake in shares of Arconic in the second quarter worth $34,975,000. Dimensional Fund Advisors LP raised its position in shares of Arconic by 33.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock worth $131,682,000 after buying an additional 1,468,173 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Arconic by 194.2% in the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock worth $42,126,000 after buying an additional 1,227,740 shares in the last quarter.
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Arconic Inc (NASDAQ:ARNC) traded down $0.04 during midday trading on Monday, reaching $24.20. The company’s stock had a trading volume of 260,472 shares, compared to its average volume of 4,320,000. Arconic Inc has a twelve month low of $18.31 and a twelve month high of $30.69.
Arconic (NASDAQ:ARNC) last released its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.02). The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.09 billion. Arconic had a return on equity of 7.07% and a net margin of 3.68%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.99%. Arconic’s dividend payout ratio is currently -11.21%.
In related news, Director Patricia F. Russo acquired 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were purchased at an average price of $24.57 per share, for a total transaction 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 SEC, which is available at this link.
A number of equities research analysts have weighed in on the company. Vetr downgraded Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 price target on the stock. in a research report on Monday, October 9th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Cowen and Company restated a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Thursday, October 19th. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Seaport Global Securities restated a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Arconic has an average rating of “Buy” and an average target price of $28.33.
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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