Manning & Napier Advisors LLC Reduces Position in Arconic Inc. (ARNC)
Manning & Napier Advisors LLC lessened its stake in Arconic Inc. (NYSE:ARNC) by 8.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 5,970,716 shares of the basic materials company’s stock after selling 580,670 shares during the period. Arconic comprises approximately 1.3% of Manning & Napier Advisors LLC’s portfolio, making the stock its 27th largest position. Manning & Napier Advisors LLC owned 1.24% of Arconic worth $148,550,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of ARNC. Harris Associates L P increased its holdings in Arconic by 151.0% in the 2nd quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock valued at $304,398,000 after purchasing an additional 8,084,588 shares during the last quarter. Orbis Allan Gray Ltd increased its holdings in Arconic by 50.9% in the 2nd quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock valued at $517,132,000 after purchasing an additional 7,696,839 shares during the last quarter. Permian Investment Partners LP acquired a new stake in Arconic in the 2nd quarter valued at approximately $34,975,000. Dimensional Fund Advisors LP increased its holdings in Arconic by 33.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock valued at $131,682,000 after purchasing an additional 1,468,173 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in Arconic by 194.2% in 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 purchasing an additional 1,227,740 shares during the last quarter. Hedge funds and other institutional investors own 72.06% of the company’s stock.
Arconic Inc. (NYSE ARNC) traded up $0.37 during trading hours on Friday, hitting $23.73. 2,216,500 shares of the company’s stock traded hands, compared to its average volume of 4,206,403. The firm has a market capitalization of $11,480.00, a P/E ratio of 22.90 and a beta of 0.88. The company has a current ratio of 2.30, a quick ratio of 1.38 and a debt-to-equity ratio of 1.15. Arconic Inc. has a fifty-two week low of $18.47 and a fifty-two week high of $30.69.
Arconic (NYSE:ARNC) last posted its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.02). The business had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a positive return on equity of 9.71% and a negative net margin of 4.70%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. research analysts expect that Arconic Inc. will post 1.16 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 1.01%. Arconic’s dividend payout ratio (DPR) is -11.21%.
ARNC has been the subject of several research reports. Morgan Stanley reiterated a “hold” rating and issued a $27.00 target price on shares of Arconic in a report on Tuesday, October 24th. BidaskClub upgraded shares of Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Deutsche Bank AG set a $31.00 target price on shares of Arconic and gave the company a “buy” rating in a report on Tuesday, October 24th. Zacks Investment Research upgraded shares of Arconic from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Finally, Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Tuesday, August 22nd. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Arconic presently has a consensus rating of “Buy” and an average target price of $28.33.
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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