Gofen & Glossberg LLC IL Purchases Shares of 11,632 Arconic Inc. (ARNC)
Gofen & Glossberg LLC IL purchased a new position in shares of Arconic Inc. (NYSE:ARNC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,632 shares of the basic materials company’s stock, valued at approximately $317,000.
Other institutional investors also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its holdings in Arconic by 3.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 18,058 shares of the basic materials company’s stock worth $409,000 after purchasing an additional 641 shares during the last quarter. Norinchukin Bank The increased its holdings in Arconic by 6.9% during the 2nd quarter. Norinchukin Bank The now owns 30,587 shares of the basic materials company’s stock worth $693,000 after purchasing an additional 1,961 shares during the last quarter. Amalgamated Bank increased its holdings in Arconic by 43.7% during the 2nd quarter. Amalgamated Bank now owns 44,280 shares of the basic materials company’s stock worth $1,003,000 after purchasing an additional 13,459 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Arconic during the 2nd quarter worth approximately $3,351,000. Finally, BRYN MAWR TRUST Co purchased a new stake in Arconic during the 2nd quarter worth approximately $214,000. 74.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Arconic Inc. (ARNC) opened at $30.54 on Thursday. Arconic Inc. has a twelve month low of $20.58 and a twelve month high of $31.17. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.30 and a quick ratio of 1.38. The firm has a market capitalization of $14,700.00, a P/E ratio of -14.20, a PEG ratio of 1.03 and a beta of 0.85.
Arconic (NYSE:ARNC) last issued its quarterly earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.09 billion. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. sell-side analysts predict that Arconic Inc. will post 1.15 earnings per share for the current fiscal year.
ARNC has been the topic of several analyst reports. BidaskClub upgraded Arconic from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Seaport Global Securities restated a “buy” rating and set a $29.00 price objective (up from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Vetr downgraded Arconic from a “strong-buy” rating to a “hold” rating and set a $27.98 price objective on the stock. in a report on Monday, October 9th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Finally, Cowen restated a “hold” rating and set a $25.00 price objective on shares of Arconic in a report on Thursday, October 19th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Arconic presently has a consensus rating of “Buy” and a consensus price target of $29.44.
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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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