1,544,165 Shares in Arconic Inc (ARNC) Purchased by Permian Investment Partners LP
Permian Investment Partners LP bought a new stake in shares of Arconic Inc (NASDAQ:ARNC) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,544,165 shares of the basic materials company’s stock, valued at approximately $34,975,000. Arconic comprises about 4.6% of Permian Investment Partners LP’s holdings, making the stock its 10th biggest position. Permian Investment Partners LP owned about 0.35% of Arconic at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. CIBC Asset Management Inc grew its holdings in Arconic by 0.5% during the 2nd quarter. CIBC Asset Management Inc now owns 33,622 shares of the basic materials company’s stock valued at $762,000 after buying an additional 165 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Arconic by 0.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,300 shares of the basic materials company’s stock valued at $618,000 after buying an additional 200 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Arconic by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 8,956 shares of the basic materials company’s stock valued at $236,000 after buying an additional 286 shares during the last quarter. First Allied Advisory Services Inc. grew its holdings in Arconic by 1.7% during the 2nd quarter. First Allied Advisory Services Inc. now owns 18,249 shares of the basic materials company’s stock valued at $418,000 after buying an additional 307 shares during the last quarter. Finally, Lincoln National Corp grew its holdings in Arconic by 3.0% during the 2nd quarter. Lincoln National Corp now owns 20,324 shares of the basic materials company’s stock valued at $461,000 after buying an additional 595 shares during the last quarter.
A number of brokerages have commented on ARNC. Cowen and Company reiterated a “hold” rating and set a $25.00 target price on shares of Arconic in a report on Monday, June 26th. Seaport Global Securities upgraded Arconic from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Thursday, July 13th. J P Morgan Chase & Co upgraded Arconic from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $30.00 to $29.00 in a report on Monday, July 10th. Deutsche Bank AG reiterated a “buy” rating on shares of Arconic in a report on Saturday, June 24th. Finally, Vetr cut Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 target price on the stock. in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Arconic has an average rating of “Buy” and a consensus target price of $27.43.
In other news, Director Patricia F. Russo acquired 15,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were purchased at an average cost of $24.57 per share, for a total transaction of $368,550.00. Following the transaction, the director now owns 7,928 shares in the company, valued at approximately $194,790.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James F. Albaugh acquired 5,000 shares of the stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $24.94 per share, for a total transaction of $124,700.00. Following the completion of the transaction, the director now owns 9,409 shares in the company, valued at approximately $234,660.46. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 26,000 shares of company stock worth $640,310.
Arconic Inc (ARNC) traded down 0.11% during midday trading on Friday, hitting $26.82. The stock had a trading volume of 788,388 shares. The stock’s market cap is $11.83 billion. The firm has a 50 day moving average price of $25.46 and a 200 day moving average price of $25.85. Arconic Inc has a one year low of $16.75 and a one year high of $30.69.
Arconic (NASDAQ:ARNC) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, topping the 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 firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Arconic’s revenue was up .8% on a year-over-year basis. Equities analysts expect that Arconic Inc will post $1.18 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, November 25th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Thursday, November 2nd.
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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