CIBC World Markets Inc. Sells 14,923 Shares of Arconic Inc (ARNC)
CIBC World Markets Inc. lowered its stake in Arconic Inc (NASDAQ:ARNC) by 59.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,975 shares of the basic materials company’s stock after selling 14,923 shares during the quarter. CIBC World Markets Inc.’s holdings in Arconic were worth $226,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of ARNC. Fiduciary Trust Co. bought a new position in shares of Arconic in the second quarter worth about $111,000. Wayne Hummer Investments L.L.C. raised 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 worth $218,000 after buying an additional 732 shares during the period. Pacer Advisors Inc. raised its stake in shares of Arconic by 8.4% in the second quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock worth $220,000 after buying an additional 751 shares during the period. Sii Investments Inc. WI bought a new position in shares of Arconic in the first quarter worth about $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Arconic in the first quarter worth about $228,000.
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Several research firms have recently commented on ARNC. BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Tuesday, September 12th. Longbow Research upgraded 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. Vetr upgraded Arconic to a “strong-buy” rating in a research report on Thursday, July 27th. Finally, Seaport Global Securities upgraded 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.25.
In other Arconic news, Director Patricia F. Russo purchased 15,000 shares of Arconic 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 acquisition, the director now owns 7,928 shares of the company’s stock, valued at approximately $194,790.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James F. Albaugh purchased 5,000 shares of Arconic stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average cost of $24.94 per share, with a total value of $124,700.00. Following the acquisition, the director now directly owns 9,409 shares in the company, valued at approximately $234,660.46. The disclosure for this purchase can be found here. Insiders purchased a total of 26,000 shares of company stock valued at $640,310 in the last ninety days.
Shares of Arconic Inc (NASDAQ ARNC) opened at 26.21 on Friday. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The company’s 50 day moving average price is $24.98 and its 200 day moving average price is $25.91. The stock’s market cap is $11.56 billion.
Arconic (NASDAQ:ARNC) last released its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The business’s revenue was up .8% compared to the same quarter last year. On average, analysts anticipate that Arconic Inc will post $1.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, November 25th. Investors of record on Friday, November 3rd will be issued a $0.06 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%.
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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