Stoneridge Investment Partners LLC Invests $4.16 Million in Arconic Inc (ARNC)
Stoneridge Investment Partners LLC bought a new position in shares of Arconic Inc (NASDAQ:ARNC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 167,295 shares of the basic materials company’s stock, valued at approximately $4,162,000.
Several other hedge funds have also recently bought and sold shares of ARNC. Fiduciary Trust Co. purchased a new stake in shares of Arconic during the 2nd quarter worth about $111,000. Capstone Investment Advisors Netherlands B.V. boosted its stake in shares of Arconic by 47.9% during the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock worth $112,000 after acquiring an additional 1,604 shares in the last quarter. Huntington National Bank purchased a new stake in shares of Arconic during the 3rd quarter worth about $132,000. BRYN MAWR TRUST Co purchased a new stake in shares of Arconic during the 2nd quarter worth about $214,000. Finally, Wayne Hummer Investments L.L.C. boosted its stake in shares of Arconic by 8.2% during the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after acquiring an additional 732 shares in the last quarter.
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In other Arconic news, Director Patricia F. Russo acquired 15,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was bought at an average price of $24.57 per share, for a total transaction of $368,550.00. Following the acquisition, the director now owns 7,928 shares in the company, valued at $194,790.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James F. Albaugh acquired 5,000 shares of the business’s stock in a transaction on 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 acquisition, 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. In the last quarter, insiders acquired 26,000 shares of company stock valued at $640,310.
Several research analysts recently weighed in on ARNC shares. Zacks Investment Research downgraded shares of Arconic from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Vetr upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $27.97 price target for the company in a research report on Tuesday, October 17th. Cowen and Company restated a “hold” rating and set a $25.00 price target on shares of Arconic in a research report on Thursday, October 19th. Seaport Global Securities restated a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Arconic in a research report on Tuesday, September 26th. Finally, Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $28.33.
Arconic Inc (NASDAQ:ARNC) traded down $0.48 on Tuesday, hitting $25.13. 1,970,000 shares of the company traded hands, compared to its average volume of 4,440,000. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69.
Arconic (NASDAQ:ARNC) last released its quarterly earnings data on Monday, October 23rd. The basic materials company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). The business had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic had a net margin of 3.68% and a return on equity of 7.07%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis.
The firm also recently disclosed 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. The ex-dividend date is Thursday, November 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 0.96%.
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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