Robeco Institutional Asset Management B.V. Sells 3,015 Shares of Arconic Inc (ARNC)
Robeco Institutional Asset Management B.V. reduced its holdings in shares of Arconic Inc (NASDAQ:ARNC) by 13.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,811 shares of the basic materials company’s stock after selling 3,015 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Arconic were worth $427,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in ARNC. Parametric Portfolio Associates LLC increased its stake in Arconic by 10.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 562,339 shares of the basic materials company’s stock worth $14,812,000 after buying an additional 53,302 shares during the period. State of Tennessee Treasury Department increased its stake in Arconic by 11.7% during the 1st quarter. State of Tennessee Treasury Department now owns 153,206 shares of the basic materials company’s stock worth $4,035,000 after buying an additional 16,074 shares during the period. CIBC World Markets Inc. increased its stake in Arconic by 18.1% during the 1st quarter. CIBC World Markets Inc. now owns 24,898 shares of the basic materials company’s stock worth $656,000 after buying an additional 3,814 shares during the period. State of Wisconsin Investment Board increased its stake in Arconic by 19.8% during the 1st quarter. State of Wisconsin Investment Board now owns 287,141 shares of the basic materials company’s stock worth $7,563,000 after buying an additional 47,397 shares during the period. Finally, Pitcairn Co. purchased a new stake in Arconic during the 1st quarter worth approximately $231,000.
In related news, Director Elmer L. Doty purchased 6,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average price of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the purchase, the director now owns 4,409 shares in the company, valued at $108,064.59. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Patricia F. Russo purchased 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was bought at an average price of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now owns 7,928 shares of the company’s stock, valued at approximately $194,790.96. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 26,000 shares of company stock valued at $640,310.
Several brokerages recently weighed in on ARNC. 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 note on Monday, May 15th. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price objective on shares of Arconic in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Tuesday, June 20th. Cowen and Company reissued a “hold” rating and issued a $25.00 price objective on shares of Arconic in a research report on Monday, June 26th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $27.53.
Arconic Inc (NASDAQ ARNC) opened at 24.42 on Friday. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The stock has a 50 day moving average of $24.96 and a 200 day moving average of $26.15. The firm’s market cap is $10.77 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, topping analysts’ consensus estimates of $0.26 by $0.06. The business 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%. The company’s revenue for the quarter 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 year.
The business 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 was Wednesday, August 2nd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.98%.
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Arconic Company Profile
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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