Reinhart Partners Inc. lowered its position in shares of Arconic Inc (NYSE:ARNC) by 27.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 680,641 shares of the basic materials company’s stock after selling 260,000 shares during the quarter. Reinhart Partners Inc.’s holdings in Arconic were worth $17,696,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC lifted its holdings in shares of Arconic by 105.0% during the third quarter. SG Americas Securities LLC now owns 335,898 shares of the basic materials company’s stock worth $8,733,000 after buying an additional 172,083 shares in the last quarter. Bartlett & Co. LLC acquired a new position in Arconic in the third quarter valued at about $412,000. Citizens Financial Group Inc RI raised its stake in Arconic by 35.4% in the third quarter. Citizens Financial Group Inc RI now owns 30,626 shares of the basic materials company’s stock valued at $796,000 after purchasing an additional 8,000 shares in the last quarter. Mackay Shields LLC raised its stake in Arconic by 231.3% in the third quarter. Mackay Shields LLC now owns 265,532 shares of the basic materials company’s stock valued at $6,903,000 after purchasing an additional 185,377 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its stake in Arconic by 34.6% in the third quarter. IFM Investors Pty Ltd now owns 46,293 shares of the basic materials company’s stock valued at $1,204,000 after purchasing an additional 11,912 shares in the last quarter. 82.17% of the stock is owned by institutional investors.
A number of research firms recently commented on ARNC. Berenberg Bank began coverage on Arconic in a research note on Tuesday, October 8th. They issued a “buy” rating for the company. Morgan Stanley boosted their price target on Arconic from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Longbow Research downgraded Arconic from a “buy” rating to a “neutral” rating in a research note on Thursday, July 18th. Credit Suisse Group boosted their price target on Arconic from $28.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. raised Arconic from a “neutral” rating to an “overweight” rating and set a $30.00 price target for the company in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Arconic has an average rating of “Buy” and a consensus price target of $27.47.
Arconic (NYSE:ARNC) last released its earnings results on Tuesday, November 5th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. Arconic had a return on equity of 17.87% and a net margin of 2.66%. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, research analysts predict that Arconic Inc will post 2.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Thursday, November 7th. Arconic’s dividend payout ratio is presently 5.88%.
In other news, major shareholder International L.P. Elliott sold 4,208,518 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $25.06, for a total transaction of $105,465,461.08. Following the sale, the insider now directly owns 13,663,454 shares in the company, valued at $342,406,157.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Timothy Donald Myers sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total value of $253,300.00. Following the sale, the insider now owns 23,759 shares in the company, valued at $601,815.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,205,556 shares of company stock worth $179,707,601. Company insiders own 0.14% of the company’s stock.
Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.
Featured Story: Limitations to arbitrage trading
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.