State of New Jersey Common Pension Fund D lowered its stake in Arconic Inc (NYSE:ARNC) by 23.1% in the 3rd quarter, Holdings Channel reports. The firm owned 950,000 shares of the basic materials company’s stock after selling 285,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Arconic were worth $20,910,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Arconic by 5.1% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 60,745 shares of the basic materials company’s stock valued at $1,033,000 after purchasing an additional 2,924 shares during the last quarter. Bell & Brown Wealth Advisors LLC lifted its position in Arconic by 17.8% in the second quarter. Bell & Brown Wealth Advisors LLC now owns 20,142 shares of the basic materials company’s stock valued at $343,000 after purchasing an additional 3,050 shares during the last quarter. Intact Investment Management Inc. lifted its position in Arconic by 22.1% in the second quarter. Intact Investment Management Inc. now owns 17,700 shares of the basic materials company’s stock valued at $301,000 after purchasing an additional 3,200 shares during the last quarter. CIBC Asset Management Inc lifted its position in Arconic by 7.2% in the second quarter. CIBC Asset Management Inc now owns 48,040 shares of the basic materials company’s stock valued at $817,000 after purchasing an additional 3,230 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Arconic by 4.1% during the second quarter. KBC Group NV now owns 83,356 shares of the basic materials company’s stock valued at $1,418,000 after acquiring an additional 3,288 shares in the last quarter. Hedge funds and other institutional investors own 82.96% of the company’s stock.

Shares of Arconic stock opened at $22.03 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.04 and a debt-to-equity ratio of 1.22. The company has a market cap of $10.88 billion, a P/E ratio of 18.06, a price-to-earnings-growth ratio of 0.87 and a beta of 1.31. Arconic Inc has a 52 week low of $16.47 and a 52 week high of $31.17.

Arconic (NYSE:ARNC) last posted its quarterly earnings data on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.08. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.49 billion. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, equities analysts predict that Arconic Inc will post 1.29 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, November 25th. Shareholders of record on Friday, November 2nd will be issued a $0.06 dividend. The ex-dividend date is Thursday, November 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. Arconic’s dividend payout ratio (DPR) is 19.67%.

ARNC has been the subject of a number of recent analyst reports. Longbow Research downgraded Arconic from a “buy” rating to a “neutral” rating in a report on Monday, September 17th. They noted that the move was a valuation call. ValuEngine upgraded Arconic from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 12th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. Morgan Stanley set a $22.00 target price on Arconic and gave the company a “hold” rating in a report on Wednesday, October 10th. Finally, Jefferies Financial Group initiated coverage on Arconic in a report on Monday, July 16th. They set a “buy” rating and a $23.00 target price for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. Arconic presently has an average rating of “Hold” and a consensus price target of $25.08.

Arconic Profile

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.

Read More: Beta

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 (NYSE:ARNC).

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.