Boston Partners Reduces Position in Arconic Inc (ARNC)
Boston Partners lowered its position in shares of Arconic Inc (NASDAQ:ARNC) by 22.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 137,552 shares of the basic materials company’s stock after selling 39,961 shares during the period. Boston Partners’ holdings in Arconic were worth $3,116,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Harris Associates L P acquired a new position in Arconic during the first quarter worth about $141,040,000. Vanguard Group Inc. increased its position in Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock worth $1,103,040,000 after buying an additional 1,559,763 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Arconic during the first quarter worth about $30,412,000. Laurion Capital Management LP increased its position in Arconic by 912.0% in the first quarter. Laurion Capital Management LP now owns 1,213,400 shares of the basic materials company’s stock worth $31,961,000 after buying an additional 1,093,500 shares during the last quarter. Finally, Paulson & CO. Inc. acquired a new position in Arconic during the first quarter worth about $25,900,000.
Shares of Arconic Inc (ARNC) opened at 24.48 on Tuesday. The company’s 50-day moving average price is $24.57 and its 200-day moving average price is $26.42. Arconic Inc has a 1-year low of $16.75 and a 1-year high of $30.69. The company’s market capitalization is $10.80 billion.
Arconic (NASDAQ:ARNC) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts expect that Arconic Inc will post $1.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.98%. The ex-dividend date is Wednesday, August 2nd.
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A number of research analysts have issued reports on ARNC shares. J P Morgan Chase & Co downgraded shares of Arconic to a “neutral” rating and set a $30.00 target price on the stock. in a research report on Wednesday, April 26th. Morgan Stanley restated an “equal weight” rating and set a $28.00 target price on shares of Arconic in a research report on Tuesday, June 13th. Vetr downgraded shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research report on Monday, May 15th. Cowen and Company restated a “hold” rating and set a $25.00 target price on shares of Arconic in a research report on Monday, June 26th. Finally, Zacks Investment Research downgraded shares of Arconic from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $26.88.
In other Arconic news, Director Christopher L. Ayers purchased 7,325 shares of the company’s stock in a transaction on Friday, May 26th. The shares were purchased at an average cost of $27.31 per share, with a total value of $200,045.75. Following the completion of the purchase, the director now owns 7,425 shares in the company, valued at $202,776.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrice E. Merrin purchased 10,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $27.17 per share, for a total transaction of $271,700.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $135,850. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 43,325 shares of company stock worth $1,112,056.
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.
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