Trexquant Investment LP Buys Shares of 56,200 Arconic Inc (NASDAQ:ARNC)
Trexquant Investment LP bought a new stake in shares of Arconic Inc (NASDAQ:ARNC) during the second quarter, according to its most recent 13F filing with the SEC. The firm bought 56,200 shares of the basic materials company’s stock, valued at approximately $1,273,000.
A number of other hedge funds have also recently modified their holdings of ARNC. First Financial Equity Corporation bought a new stake in Arconic during the first quarter worth $289,000. Pettee Investors Inc. bought a new stake in Arconic during the first quarter worth $218,000. Dai Ichi Life Insurance Company Ltd bought a new stake in Arconic during the first quarter worth $221,000. Sii Investments Inc. WI bought a new stake in Arconic during the first quarter worth $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC bought a new stake in Arconic during the first quarter worth $228,000.
Arconic Inc (NASDAQ:ARNC) opened at 24.99 on Wednesday. The stock’s 50 day moving average is $24.56 and its 200-day moving average is $26.20. The stock’s market capitalization is $11.02 billion. Arconic Inc has a 12 month low of $16.75 and a 12 month high of $30.69.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, equities research analysts expect that Arconic Inc will post $1.19 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Wednesday, August 2nd.
A number of analysts have weighed in on ARNC shares. J P Morgan Chase & Co started coverage on shares of Arconic in a report on Tuesday, April 18th. They set a “neutral” rating and a $29.00 price objective on the stock. Deutsche Bank AG reissued a “buy” rating and set a $32.00 price objective on shares of Arconic in a report on Wednesday, April 19th. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a report on Monday, April 24th. Vetr cut shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 price objective on the stock. in a report on Tuesday, April 25th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $28.00 price objective on shares of Arconic in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.88.
In other news, Director Christopher L. Ayers purchased 7,325 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average cost of $27.31 per share, with a total value of $200,045.75. Following the transaction, the director now owns 7,425 shares in the company, valued at approximately $202,776.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, for a total transaction of $271,700.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $135,850. The disclosure for this purchase can be found here.
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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