Elmer L. Doty Buys 6,000 Shares of Arconic Inc (NASDAQ:ARNC) Stock
Arconic Inc (NASDAQ:ARNC) Director Elmer L. Doty bought 6,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were bought at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the purchase, the director now directly owns 4,409 shares in the company, valued at approximately $108,064.59. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of Arconic Inc (NASDAQ:ARNC) traded down 2.56% on Thursday, reaching $24.02. 2,755,688 shares of the company were exchanged. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69. The company’s market capitalization is $10.59 billion. The company’s 50-day moving average is $24.43 and its 200-day moving average is $26.32.
Arconic (NASDAQ:ARNC) last issued its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Arconic’s revenue was up .8% on a year-over-year basis. On average, equities analysts expect that Arconic Inc will post $1.19 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Wednesday, August 2nd.
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A number of hedge funds and other institutional investors have recently modified their holdings of ARNC. Tricadia Capital Management LLC acquired a new position in shares of Arconic during the first quarter valued at about $8,179,000. Northwestern Mutual Investment Management Company LLC boosted its position in shares of 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. boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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.
ARNC has been the topic of a number of research reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $32.00 target price on shares of Arconic in a research note on Wednesday, April 19th. Vetr lowered shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 target price on the stock. in a research note on Tuesday, April 25th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, June 20th. Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Thursday, July 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 target price on shares of Arconic in a research note on Tuesday, June 13th. One research 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 company. The stock currently has a consensus rating of “Buy” and an average price target of $26.88.
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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