Virginia Retirement Systems ET AL Sells 2,800 Shares of Arconic Inc (ARNC)
Virginia Retirement Systems ET AL lowered its stake in shares of Arconic Inc (NASDAQ:ARNC) by 2.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 96,233 shares of the basic materials company’s stock after selling 2,800 shares during the period. Virginia Retirement Systems ET AL’s holdings in Arconic were worth $2,180,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Pettee Investors Inc. acquired a new stake in shares of Arconic during the first quarter valued at approximately $218,000. Wayne Hummer Investments L.L.C. boosted its stake in shares of Arconic by 8.2% in the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after buying an additional 732 shares during the last quarter. Dai Ichi Life Insurance Company Ltd acquired a new stake in shares of Arconic during the first quarter valued at approximately $221,000. Sii Investments Inc. WI acquired a new stake in shares of Arconic during the first quarter valued at approximately $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in shares of Arconic during the first quarter valued at approximately $228,000.
Arconic Inc (ARNC) opened at 25.35 on Wednesday. The company has a 50-day moving average of $24.81 and a 200-day moving average of $26.40. The firm’s market capitalization is $11.18 billion. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69.
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, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. Arconic’s revenue was up .8% on a year-over-year basis. On average, equities analysts forecast that Arconic Inc will post $1.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 4th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.95%.
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ARNC has been the subject of several recent research reports. Vetr cut shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $31.00 target price for the company. in a research report on Thursday, June 1st. Deutsche Bank AG reiterated a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Tuesday, June 20th. Seaport Global Securities upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Thursday, July 13th. Finally, Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Arconic presently has a consensus rating of “Buy” and a consensus target price of $27.53.
In other news, Director James F. Albaugh acquired 5,000 shares of Arconic stock in a transaction on Wednesday, August 9th. The stock was acquired at an average cost of $24.94 per share, for a total transaction of $124,700.00. Following the purchase, the director now owns 9,409 shares in the company, valued at $234,660.46. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elmer L. Doty acquired 6,000 shares of Arconic stock in a transaction on Thursday, August 10th. The shares were purchased at an average price of $24.51 per share, with a total value of $147,060.00. Following the completion of the purchase, the director now owns 4,409 shares in the company, valued at approximately $108,064.59. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 26,000 shares of company stock valued at $640,310.
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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