ING Groep NV Takes Position in Arconic Inc (ARNC)
ING Groep NV purchased a new position in shares of Arconic Inc (NYSE:ARNC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 32,965 shares of the basic materials company’s stock, valued at approximately $726,000.
Other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its position in Arconic by 37.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 113,934 shares of the basic materials company’s stock valued at $1,937,000 after acquiring an additional 31,030 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Arconic in the 2nd quarter valued at approximately $244,000. Cornerstone Wealth Management LLC bought a new position in Arconic in the 2nd quarter valued at approximately $711,000. Douglas Lane & Associates LLC lifted its position in Arconic by 4.1% in the 2nd quarter. Douglas Lane & Associates LLC now owns 2,282,690 shares of the basic materials company’s stock valued at $38,829,000 after acquiring an additional 90,116 shares in the last quarter. Finally, Reinhart Partners Inc. lifted its position in Arconic by 8.8% in the 2nd quarter. Reinhart Partners Inc. now owns 807,707 shares of the basic materials company’s stock valued at $13,739,000 after acquiring an additional 65,507 shares in the last quarter. Institutional investors and hedge funds own 82.45% of the company’s stock.
Several research firms recently issued reports on ARNC. Cowen reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Arconic in a research report on Tuesday, July 31st. Jefferies Financial Group set a $25.00 price target on Arconic and gave the company a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research cut Arconic from a “buy” rating to a “hold” rating in a report on Monday, August 13th. TheStreet raised Arconic from a “d+” rating to a “c-” rating in a report on Monday, October 15th. Finally, Morgan Stanley set a $22.00 price target on Arconic and gave the company a “hold” rating in a report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Arconic presently has a consensus rating of “Hold” and a consensus price target of $24.20.
Arconic (NYSE:ARNC) last released its quarterly earnings results on Tuesday, October 30th. The basic materials company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.02. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Arconic had a positive return on equity of 12.94% and a negative net margin of 2.19%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. As a group, analysts forecast that Arconic Inc will post 1.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, November 25th. Stockholders of record on Friday, November 2nd will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, November 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.19%. Arconic’s payout ratio is 19.67%.
TRADEMARK VIOLATION NOTICE: This story was originally posted by Daily Political and is the property of of Daily Political. If you are reading this story on another publication, it was copied illegally and republished in violation of U.S. and international copyright laws. The legal version of this story can be viewed at https://www.dailypolitical.com/2018/11/19/ing-groep-nv-takes-position-in-arconic-inc-arnc.html.
Arconic Company 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.
Featured Story: How do candlesticks reflect price movement?
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).
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.