Arconic Inc (ARNC) Stake Raised by Orbis Allan Gray Ltd
Orbis Allan Gray Ltd lifted its position in shares of Arconic Inc (NASDAQ:ARNC) by 50.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,812,295 shares of the basic materials company’s stock after acquiring an additional 7,696,839 shares during the quarter. Arconic accounts for approximately 3.2% of Orbis Allan Gray Ltd’s investment portfolio, making the stock its 11th biggest holding. Orbis Allan Gray Ltd owned approximately 5.17% of Arconic worth $517,132,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Arconic by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 42,988,420 shares of the basic materials company’s stock worth $973,688,000 after acquiring an additional 1,111,404 shares in the last quarter. Harris Associates L P raised its position in Arconic by 151.0% during the second quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock worth $304,398,000 after acquiring an additional 8,084,588 shares during the period. Dimensional Fund Advisors LP raised its position 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 period. Geode Capital Management LLC raised its position in Arconic by 9.0% during the first quarter. Geode Capital Management LLC now owns 4,323,347 shares of the basic materials company’s stock worth $113,717,000 after acquiring an additional 356,550 shares during the period. Finally, Prudential Financial Inc. raised its position 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 period.
In other news, Director James F. Albaugh purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was acquired at an average price of $24.94 per share, with a total value of $124,700.00. Following the purchase, the director now directly owns 9,409 shares of the company’s stock, valued at approximately $234,660.46. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patricia F. Russo acquired 15,000 shares of the firm’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 completion of the transaction, the director now directly owns 7,928 shares in the company, valued at $194,790.96. The disclosure for this purchase can be found here. Insiders acquired 26,000 shares of company stock worth $640,310 in the last three months.
Arconic Inc (ARNC) traded up 0.69% during midday trading on Tuesday, hitting $26.10. 1,746,934 shares of the stock were exchanged. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The firm has a 50-day moving average price of $25.30 and a 200-day moving average price of $25.85. The stock’s market cap is $11.51 billion.
Arconic (NASDAQ:ARNC) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.01% and a net margin of 6.50%. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, equities research analysts anticipate that Arconic Inc will post $1.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.93%. The ex-dividend date is Thursday, November 2nd.
Several research firms have issued reports on ARNC. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Tuesday, September 12th. Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Tuesday, August 22nd. Vetr cut shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 target price for the company. in a research note on Tuesday, July 25th. Seaport Global Securities upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 13th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $27.43.
TRADEMARK VIOLATION WARNING: This report was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be viewed at https://www.thecerbatgem.com/2017/10/03/arconic-inc-arnc-stake-raised-by-orbis-allan-gray-ltd.html.
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.
Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Inc (NASDAQ:ARNC).
Receive News & Stock Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related stocks with our FREE daily email newsletter.