609,392 Shares in Arconic Co. (NYSE:ARNC) Bought by Fisher Asset Management LLC
Fisher Asset Management LLC bought a new stake in Arconic Co. (NYSE:ARNC) in the first quarter, HoldingsChannel reports. The fund bought 609,392 shares of the basic materials company’s stock, valued at approximately $15,472,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in ARNC. Wells Fargo & Company MN raised its stake in Arconic by 8.0% in the 4th quarter. Wells Fargo & Company MN now owns 334,758 shares of the basic materials company’s stock worth $9,976,000 after purchasing an additional 24,873 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Arconic by 20.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 8,685 shares of the basic materials company’s stock worth $259,000 after purchasing an additional 1,475 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Arconic during the 4th quarter worth approximately $240,000. Los Angeles Capital Management LLC grew its position in Arconic by 41.6% in the 4th quarter. Los Angeles Capital Management LLC now owns 55,418 shares of the basic materials company’s stock valued at $1,651,000 after purchasing an additional 16,273 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Arconic by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 740,397 shares of the basic materials company’s stock valued at $22,064,000 after purchasing an additional 6,652 shares during the period. 88.52% of the stock is owned by institutional investors.
A number of research firms have issued reports on ARNC. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Arconic from $43.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, February 25th. Zacks Investment Research cut Arconic from a “hold” rating to a “strong sell” rating in a research note on Monday, March 1st. Finally, JPMorgan Chase & Co. started coverage on Arconic in a report on Thursday, April 29th. They set a “neutral” rating and a $28.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Arconic presently has an average rating of “Hold” and an average price target of $32.80.
NYSE ARNC opened at $29.36 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.06 and a quick ratio of 1.32. Arconic Co. has a 12 month low of $7.79 and a 12 month high of $31.85. The stock’s fifty day moving average price is $27.01 and its 200-day moving average price is $27.14.
Arconic (NYSE:ARNC) last posted its quarterly earnings data on Monday, February 22nd. The basic materials company reported ($0.59) EPS for the quarter, missing the consensus estimate of $0.32 by ($0.91). Arconic had a return on equity of 10.05% and a net margin of 2.97%. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the business earned $0.53 EPS. The firm’s quarterly revenue was down 56.1% compared to the same quarter last year. On average, equities research analysts forecast that Arconic Co. will post 0.07 earnings per share for the current year.
Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.
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