Teacher Retirement System of Texas Lowers Stake in Arconic Inc. (ARNC)
Teacher Retirement System of Texas lessened its holdings in Arconic Inc. (NYSE:ARNC) by 28.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 729,792 shares of the basic materials company’s stock after selling 287,315 shares during the period. Teacher Retirement System of Texas owned about 0.15% of Arconic worth $18,157,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Fiduciary Trust Co. purchased a new stake in Arconic during the second quarter valued at approximately $111,000. Capstone Investment Advisors Netherlands B.V. lifted its position in Arconic by 47.9% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after acquiring an additional 1,604 shares during the last quarter. Huntington National Bank purchased a new stake in Arconic during the third quarter valued at approximately $132,000. Pitcairn Co. purchased a new stake in Arconic during the third quarter valued at approximately $209,000. Finally, Courier Capital LLC purchased a new stake in Arconic during the third quarter valued at approximately $214,000. 72.06% of the stock is owned by hedge funds and other institutional investors.
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A number of research analysts have issued reports on the stock. Vetr cut shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price target for the company. in a report on Tuesday, July 25th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a report on Tuesday, August 22nd. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Tuesday, September 12th. BidaskClub raised shares of Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Seaport Global Securities reaffirmed a “buy” rating and issued a $29.00 price target (up previously from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Arconic currently has a consensus rating of “Buy” and a consensus price target of $28.33.
Arconic Inc. (NYSE ARNC) traded up $0.16 during mid-day trading on Thursday, reaching $23.36. 4,249,500 shares of the company traded hands, compared to its average volume of 4,215,407. The firm has a market capitalization of $11,166.72, a price-to-earnings ratio of 22.75 and a beta of 0.88. The company has a current ratio of 2.30, a quick ratio of 1.38 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 released its quarterly earnings results 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 firm had revenue of $3.24 billion for 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 business’s revenue was up 3.1% compared to the same quarter last year. research analysts predict that Arconic Inc. will post 1.16 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Thursday, November 2nd. Arconic’s payout ratio is -15.09%.
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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