Arconic Inc (ARNC) Shares Sold by Pinebridge Investments L.P.
Pinebridge Investments L.P. lessened its holdings in Arconic Inc (NASDAQ:ARNC) by 6.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,950 shares of the basic materials company’s stock after selling 1,439 shares during the quarter. Pinebridge Investments L.P.’s holdings in Arconic were worth $452,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ARNC. Cleararc Capital Inc. increased its stake in Arconic by 1.3% during the first quarter. Cleararc Capital Inc. now owns 10,787 shares of the basic materials company’s stock valued at $284,000 after purchasing an additional 141 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Arconic by 0.5% during the second quarter. CIBC Asset Management Inc now owns 33,622 shares of the basic materials company’s stock worth $762,000 after purchasing an additional 165 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Arconic by 0.7% during the second quarter. Louisiana State Employees Retirement System now owns 27,300 shares of the basic materials company’s stock worth $618,000 after purchasing an additional 200 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Arconic by 3.3% during the first quarter. Pacer Advisors Inc. now owns 8,956 shares of the basic materials company’s stock worth $236,000 after purchasing an additional 286 shares during the period. Finally, Lincoln National Corp raised its holdings in shares of Arconic by 3.0% during the second quarter. Lincoln National Corp now owns 20,324 shares of the basic materials company’s stock worth $461,000 after purchasing an additional 595 shares during the period.
In related news, Director Patricia F. Russo bought 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was acquired at an average price of $24.57 per share, for a total transaction of $368,550.00. Following the transaction, the director now directly owns 7,928 shares of the company’s stock, valued at $194,790.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elmer L. Doty purchased 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the purchase, the director now owns 4,409 shares in the company, valued at $108,064.59. The disclosure for this purchase can be found here. Over the last three months, insiders bought 26,000 shares of company stock valued at $640,310.
Arconic Inc (NASDAQ:ARNC) opened at 25.92 on Tuesday. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The company’s market cap is $11.43 billion. The stock’s 50 day moving average is $25.30 and its 200 day moving average is $25.85.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Arconic Inc will post $1.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.93%.
A number of research firms have recently issued reports on ARNC. Seaport Global Securities restated a “buy” rating and issued a $29.00 price target (up from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. BidaskClub raised shares of Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Tuesday, September 12th. Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Tuesday, August 22nd. Finally, Vetr upgraded shares of Arconic to a “strong-buy” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $27.43.
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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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