Arconic Inc (ARNC) Shares Sold by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can lowered its position in Arconic Inc (NASDAQ:ARNC) by 10.5% during the second quarter, Holdings Channel reports. The fund owned 312,665 shares of the basic materials company’s stock after selling 36,501 shares during the period. Great West Life Assurance Co. Can’s holdings in Arconic were worth $7,073,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in ARNC. Vanguard Group Inc. increased its stake in Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock worth $1,103,040,000 after buying an additional 1,559,763 shares during the last quarter. Harris Associates L P purchased a new stake in Arconic during the first quarter worth approximately $141,040,000. Geode Capital Management LLC increased its stake in Arconic by 9.0% in the first quarter. Geode Capital Management LLC now owns 4,323,347 shares of the basic materials company’s stock worth $113,717,000 after buying an additional 356,550 shares during the last quarter. Legal & General Group Plc increased its stake in Arconic by 6.4% in the first quarter. Legal & General Group Plc now owns 2,256,253 shares of the basic materials company’s stock worth $59,427,000 after buying an additional 135,341 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Arconic by 12.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,482,297 shares of the basic materials company’s stock worth $39,044,000 after buying an additional 162,219 shares during the period.
Shares of Arconic Inc (NASDAQ ARNC) opened at 23.99 on Friday. Arconic Inc has a 12 month low of $16.75 and a 12 month high of $30.69. The stock’s market capitalization is $10.58 billion. The company’s 50-day moving average is $24.36 and its 200-day moving average is $26.32.
Arconic (NASDAQ:ARNC) last released its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The business’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%.
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A number of brokerages recently weighed in on ARNC. Cowen and Company reaffirmed a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Monday, June 26th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, June 20th. Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 13th. J P Morgan Chase & Co cut shares of Arconic to a “neutral” rating and set a $30.00 price target for the company. in a research report on Wednesday, April 26th. Finally, Vetr cut shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $26.88.
In other Arconic news, Director Patrice E. Merrin purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at $135,850. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elmer L. Doty purchased 6,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the acquisition, the director now directly owns 4,409 shares in the company, valued at approximately $108,064.59. The disclosure for this purchase can be found here. Insiders have bought a total of 28,325 shares of company stock worth $743,506 in the last 90 days.
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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