Arconic Inc (ARNC) Stake Lifted by Orbis Investment Management U.S. LLC
Orbis Investment Management U.S. LLC grew its position in shares of Arconic Inc (NASDAQ:ARNC) by 34.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 332,937 shares of the basic materials company’s stock after acquiring an additional 85,050 shares during the quarter. Arconic comprises approximately 5.0% of Orbis Investment Management U.S. LLC’s holdings, making the stock its 7th largest holding. Orbis Investment Management U.S. LLC owned 0.08% of Arconic worth $7,541,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ARNC. Harris Associates L P lifted its holdings in shares of Arconic by 151.0% in the 2nd quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock valued at $304,398,000 after acquiring an additional 8,084,588 shares during the last quarter. Orbis Allan Gray Ltd grew its position in Arconic by 50.9% in the second quarter. Orbis Allan Gray Ltd now owns 22,812,295 shares of the basic materials company’s stock worth $517,132,000 after acquiring an additional 7,696,839 shares in the last quarter. Vanguard Group Inc. increased its stake in Arconic by 3.9% during 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 acquiring an additional 1,559,763 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Arconic by 33.8% during the second quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock worth $131,682,000 after acquiring an additional 1,468,173 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Arconic by 194.2% during the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock worth $42,126,000 after acquiring an additional 1,227,740 shares during the last quarter.
In related news, Director Patricia F. Russo bought 15,000 shares of the stock in a transaction 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 completion of the purchase, the director now directly owns 7,928 shares in the company, valued at approximately $194,790.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James F. Albaugh bought 5,000 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average cost of $24.94 per share, with a total value of $124,700.00. Following the purchase, the director now owns 9,409 shares of the company’s stock, valued at $234,660.46. The disclosure for this purchase can be found here. Insiders have purchased a total of 26,000 shares of company stock valued at $640,310 over the last three months.
Shares of Arconic Inc (NASDAQ:ARNC) traded up 0.89% during mid-day trading on Tuesday, reaching $26.15. 1,884,216 shares of the company’s stock traded hands. The stock’s market capitalization is $11.53 billion. The company’s 50-day moving average price is $25.30 and its 200-day moving average price is $25.85. Arconic Inc has a 12-month low of $16.75 and a 12-month high of $30.69.
Arconic (NASDAQ:ARNC) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. The business’s quarterly revenue was up .8% compared to the same quarter last year. Analysts anticipate that Arconic Inc will post $1.18 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Investors of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Thursday, November 2nd.
A number of equities research analysts have issued reports on ARNC shares. Morgan Stanley restated an “equal weight” rating and set a $28.00 price objective on shares of Arconic in a research report on Tuesday, June 13th. BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Tuesday, June 20th. Seaport Global Securities reiterated a “buy” rating and issued a $29.00 target price (up previously from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Finally, Vetr downgraded Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 target price on the stock. in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price 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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