Bar Harbor Trust Services Decreases Stake in Arconic Inc (ARNC)
Bar Harbor Trust Services lowered its stake in Arconic Inc (NASDAQ:ARNC) by 0.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 293,959 shares of the basic materials company’s stock after selling 890 shares during the period. Arconic accounts for approximately 3.5% of Bar Harbor Trust Services’ holdings, making the stock its 11th largest position. Bar Harbor Trust Services’ holdings in Arconic were worth $6,655,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted 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 period. Harris Associates L P acquired a new stake in Arconic during the first quarter worth about $141,040,000. Geode Capital Management LLC boosted 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 period. Legal & General Group Plc boosted 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 period. Finally, State of New Jersey Common Pension Fund D boosted its stake in Arconic by 14.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,690,000 shares of the basic materials company’s stock worth $38,279,000 after buying an additional 215,000 shares during the period.
Arconic Inc (NASDAQ:ARNC) opened at 24.75 on Wednesday. The stock has a 50 day moving average of $24.35 and a 200-day moving average of $26.41. The company’s market cap is $10.92 billion. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, analysts forecast that Arconic Inc will post $1.19 EPS for the current year.
The firm also recently declared 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 0.97%. The ex-dividend date is Wednesday, August 2nd.
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A number of research firms have issued reports on ARNC. Vetr cut shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price for the company. in a research note on Monday, May 15th. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. J P Morgan Chase & Co cut shares of Arconic to a “neutral” rating and set a $30.00 target price for the company. in a research note on Wednesday, April 26th. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 target price on shares of Arconic in a research note on Tuesday, June 13th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $32.00 target price on shares of Arconic in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $26.88.
In other Arconic news, Director Christopher L. Ayers purchased 7,325 shares of the business’s stock in a transaction on Friday, May 26th. The stock was acquired at an average price of $27.31 per share, with a total value of $200,045.75. Following the acquisition, the director now directly owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Patrice E. Merrin purchased 10,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were acquired at an average cost of $27.17 per share, with a total value of $271,700.00. Following the acquisition, the director now directly owns 5,000 shares in the company, valued at $135,850. The disclosure for this purchase can be found here. Insiders have acquired a total of 43,325 shares of company stock valued at $1,112,056 in the last ninety days.
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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