Toronto Dominion Bank Acquires 48,698 Shares of Arconic Inc (ARNC)
Toronto Dominion Bank grew its holdings in Arconic Inc (NYSE:ARNC) by 26.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 230,906 shares of the basic materials company’s stock after acquiring an additional 48,698 shares during the period. Toronto Dominion Bank’s holdings in Arconic were worth $5,318,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Prime Capital Investment Advisors LLC bought a new stake in Arconic in the fourth quarter worth approximately $142,000. NuWave Investment Management LLC lifted its stake in shares of Arconic by 10,065.5% in the first quarter. NuWave Investment Management LLC now owns 5,591 shares of the basic materials company’s stock worth $128,000 after buying an additional 5,536 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Arconic in the fourth quarter worth $167,000. Bluestein R H & Co. acquired a new stake in shares of Arconic in the fourth quarter worth $204,000. Finally, MML Investors Services LLC acquired a new stake in shares of Arconic in the fourth quarter worth $216,000. 82.76% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on the stock. TheStreet cut shares of Arconic from a “c-” rating to a “d+” rating in a research note on Tuesday, May 29th. Argus cut shares of Arconic from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays restated a “hold” rating and issued a $20.00 price objective on shares of Arconic in a research note on Sunday, May 13th. Credit Suisse Group reduced their price objective on shares of Arconic from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, May 1st. Finally, ValuEngine cut shares of Arconic from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Arconic currently has an average rating of “Hold” and an average target price of $27.00.
Arconic opened at $17.75 on Friday, MarketBeat reports. The firm has a market cap of $8.75 billion, a P/E ratio of 14.55, a P/E/G ratio of 0.73 and a beta of 1.17. Arconic Inc has a one year low of $16.66 and a one year high of $31.17. The company has a quick ratio of 1.16, a current ratio of 2.10 and a debt-to-equity ratio of 1.21.
Arconic (NYSE:ARNC) last released its earnings results on Monday, April 30th. The basic materials company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The firm had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Arconic had a negative net margin of 1.91% and a positive return on equity of 11.40%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. analysts forecast that Arconic Inc will post 1.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, August 25th. Investors of record on Friday, August 3rd will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, August 2nd. Arconic’s payout ratio is currently 19.67%.
In other Arconic news, Director Ulrich Schmidt purchased 2,000 shares of the stock in a transaction on Thursday, May 3rd. The shares were purchased at an average price of $16.75 per share, with a total value of $33,500.00. Following the acquisition, the director now directly owns 12,854 shares of the company’s stock, valued at approximately $215,304.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder International L.P. Elliott purchased 544,000 shares of the stock in a transaction on Tuesday, May 15th. The stock was acquired at an average cost of $17.96 per share, for a total transaction of $9,770,240.00. Following the acquisition, the insider now directly owns 35,293,450 shares in the company, valued at $633,870,362. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.
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