Arconic Inc (ARNC) Shares Sold by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC lessened its position in shares of Arconic Inc (NASDAQ:ARNC) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,346,696 shares of the basic materials company’s stock after selling 65,100 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.31% of Arconic worth $30,503,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARNC. Vanguard Group Inc. grew its holdings in Arconic by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock valued at $1,103,040,000 after buying an additional 1,559,763 shares in the last quarter. Prudential Financial Inc. grew its holdings in Arconic by 194.2% during the 2nd quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock valued at $42,126,000 after buying an additional 1,227,740 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Arconic during the 1st quarter valued at approximately $30,412,000. Laurion Capital Management LP grew its holdings in Arconic by 912.0% during the 1st quarter. Laurion Capital Management LP now owns 1,213,400 shares of the basic materials company’s stock valued at $31,961,000 after buying an additional 1,093,500 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Arconic during the 2nd quarter valued at approximately $23,052,000.
In related news, Director Patricia F. Russo purchased 15,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was acquired at an average cost of $24.57 per share, for a total transaction of $368,550.00. Following the completion of the transaction, the director now directly owns 7,928 shares of the company’s stock, valued at $194,790.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James F. Albaugh purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was bought at an average price of $24.94 per share, with a total value of $124,700.00. Following the completion of the transaction, the director now directly owns 9,409 shares of the company’s stock, valued at $234,660.46. The disclosure for this purchase can be found here. Insiders bought 26,000 shares of company stock valued at $640,310 over the last 90 days.
Shares of Arconic Inc (NASDAQ ARNC) opened at 26.21 on Friday. Arconic Inc has a 1-year low of $16.75 and a 1-year high of $30.69. The stock has a 50 day moving average price of $24.98 and a 200 day moving average price of $25.91. The company’s market capitalization is $11.56 billion.
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 analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $3.26 billion during 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 revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts anticipate that Arconic Inc will post $1.18 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be given a $0.06 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.92%.
Several equities analysts have weighed in on the company. Cowen and Company restated a “hold” rating and set a $25.00 price target on shares of Arconic in a report on Monday, June 26th. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, June 20th. Seaport Global Securities upgraded Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, July 13th. J P Morgan Chase & Co upgraded Arconic from a “neutral” rating to an “overweight” rating and cut their price target for the company from $30.00 to $29.00 in a report on Monday, July 10th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Arconic in a report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Arconic currently has a consensus rating of “Buy” and a consensus target price of $27.25.
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.
Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Inc (NASDAQ:ARNC).
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.