Dimensional Fund Advisors LP Buys 324,119 Shares of Arconic Inc. (ARNC)
Dimensional Fund Advisors LP raised its stake in shares of Arconic Inc. (NYSE:ARNC) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,137,495 shares of the basic materials company’s stock after purchasing an additional 324,119 shares during the period. Dimensional Fund Advisors LP owned 1.28% of Arconic worth $152,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of ARNC. Fiduciary Trust Co. purchased a new stake in Arconic during the second quarter valued at approximately $111,000. Capstone Investment Advisors Netherlands B.V. raised its position in Arconic by 47.9% during the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 4,950 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,604 shares during the period. Huntington National Bank purchased a new stake in Arconic during the third quarter valued at approximately $132,000. Pitcairn Co. purchased a new stake in Arconic during the third quarter valued at approximately $209,000. Finally, BRYN MAWR TRUST Co purchased a new stake in Arconic during the second quarter valued at approximately $214,000. Institutional investors and hedge funds own 74.71% of the company’s stock.
Shares of Arconic Inc. (NYSE:ARNC) opened at $25.18 on Thursday. The company has a quick ratio of 1.38, a current ratio of 2.30 and a debt-to-equity ratio of 1.15. Arconic Inc. has a fifty-two week low of $18.47 and a fifty-two week high of $30.69. The firm has a market capitalization of $11,864.64, a P/E ratio of 24.17 and a beta of 0.85.
The firm also recently declared a quarterly dividend, which was paid on Saturday, November 25th. Stockholders of record on Friday, November 3rd were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.95%. Arconic’s payout ratio is -15.09%.
A number of equities research analysts have issued reports on ARNC shares. Zacks Investment Research downgraded Arconic from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Vetr upgraded Arconic from a “hold” rating to a “buy” rating and set a $27.97 price objective on the stock in a research report on Tuesday, October 17th. Cowen restated a “hold” rating and set a $25.00 price objective on shares of Arconic in a research report on Thursday, October 19th. Seaport Global Securities reiterated a “buy” rating and issued a $29.00 price target (up from $27.00) on shares of Arconic in a report on Tuesday, September 26th. Finally, Longbow Research upgraded Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $28.75.
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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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