Janney Montgomery Scott LLC raised its stake in Arconic Inc (NASDAQ:ARNC) by 30.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,895 shares of the basic materials company’s stock after buying an additional 20,417 shares during the period. Janney Montgomery Scott LLC’s holdings in Arconic were worth $1,968,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pettee Investors Inc. acquired a new position in Arconic during the first quarter valued at $218,000. Dai Ichi Life Insurance Company Ltd acquired a new position in Arconic during the first quarter valued at $221,000. Sii Investments Inc. WI acquired a new position in Arconic during the first quarter valued at $227,000. Wilbanks Smith & Thomas Asset Management LLC acquired a new position in Arconic during the first quarter valued at $228,000. Finally, Pitcairn Co. acquired a new position in Arconic during the first quarter valued at $231,000.

Shares of Arconic Inc (NASDAQ:ARNC) opened at 25.34 on Tuesday. The firm’s market capitalization is $11.17 billion. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69. The stock has a 50 day moving average price of $24.73 and a 200 day moving average price of $26.22.

Arconic (NASDAQ:ARNC) last issued 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. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a net margin of 10.09% and a return on equity of 23.34%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Analysts forecast 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. Stockholders of record on Friday, August 4th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Wednesday, August 2nd.

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Several research analysts have recently weighed in on ARNC shares. Deutsche Bank AG reissued a “buy” rating and issued a $32.00 price objective on shares of Arconic in a research report on Wednesday, April 19th. Vetr lowered Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 price objective for the company. in a research report on Tuesday, April 25th. Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, June 20th. Seaport Global Securities raised Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Thursday, July 13th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price objective on shares of Arconic in a research report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $26.88.

In related news, Director Christopher L. Ayers purchased 7,325 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was bought at an average cost of $27.31 per share, with a total value of $200,045.75. Following the completion of the purchase, the director now directly owns 7,425 shares in the company, valued at $202,776.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrice E. Merrin purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was bought 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 of the company’s stock, valued at $135,850. The disclosure for this purchase can be found here.

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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Institutional Ownership by Quarter for Arconic (NASDAQ:ARNC)

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