Patten & Patten Inc. TN reduced its stake in shares of Arconic Inc (NYSE:ARNC) by 56.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 17,540 shares of the basic materials company’s stock after selling 22,748 shares during the period. Patten & Patten Inc. TN’s holdings in Arconic were worth $386,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Stifel Financial Corp boosted its holdings in Arconic by 15.5% in the first quarter. Stifel Financial Corp now owns 49,637 shares of the basic materials company’s stock worth $1,144,000 after purchasing an additional 6,643 shares in the last quarter. UBS Group AG boosted its holdings in Arconic by 7.4% in the first quarter. UBS Group AG now owns 247,499 shares of the basic materials company’s stock worth $5,702,000 after purchasing an additional 17,143 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Arconic by 20.9% in the first quarter. The Manufacturers Life Insurance Company now owns 475,482 shares of the basic materials company’s stock worth $10,956,000 after purchasing an additional 82,088 shares in the last quarter. LPL Financial LLC boosted its holdings in Arconic by 15.6% in the first quarter. LPL Financial LLC now owns 48,545 shares of the basic materials company’s stock worth $1,118,000 after purchasing an additional 6,534 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in Arconic by 7.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 470,371 shares of the basic materials company’s stock worth $10,838,000 after purchasing an additional 30,875 shares in the last quarter. Institutional investors and hedge funds own 82.94% of the company’s stock.

A number of research firms have weighed in on ARNC. Zacks Investment Research raised shares of Arconic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 11th. Jefferies Financial Group began coverage on shares of Arconic in a research report on Monday, July 16th. They set a “buy” rating and a $23.00 target price for the company. Morgan Stanley set a $20.00 target price on shares of Arconic and gave the stock a “hold” rating in a research report on Monday, July 16th. Seaport Global Securities reissued a “buy” rating on shares of Arconic in a research report on Wednesday, July 18th. Finally, Cowen reissued a “hold” rating and set a $15.00 target price on shares of Arconic in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. Arconic presently has an average rating of “Hold” and an average target price of $25.08.

Arconic stock opened at $22.52 on Thursday. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 0.85 and a beta of 1.31. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.04 and a quick ratio of 1.15. Arconic Inc has a fifty-two week low of $16.47 and a fifty-two week high of $31.17.

Arconic (NYSE:ARNC) last announced its quarterly earnings data on Tuesday, July 31st. The basic materials company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.08. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.49 billion. Arconic had a negative net margin of 2.55% and a positive return on equity of 12.06%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 earnings per share. Equities analysts forecast that Arconic Inc will post 1.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, November 25th. Stockholders of record on Friday, November 2nd 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 1.07%. The ex-dividend date is Thursday, November 1st. Arconic’s dividend payout ratio is currently 19.67%.

About Arconic

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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