Spectrum Financial Alliance Ltd LLC Trims Stake in Arconic Inc (NYSE:ARNC)

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Spectrum Financial Alliance Ltd LLC reduced its stake in Arconic Inc (NYSE:ARNC) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 248,523 shares of the basic materials company’s stock after selling 6,660 shares during the period. Arconic accounts for approximately 4.0% of Spectrum Financial Alliance Ltd LLC’s holdings, making the stock its 10th largest holding. Spectrum Financial Alliance Ltd LLC owned about 0.06% of Arconic worth $6,391,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Arconic during the 2nd quarter worth $295,000. CENTRAL TRUST Co raised its stake in Arconic by 1,170.8% during the 2nd quarter. CENTRAL TRUST Co now owns 16,927 shares of the basic materials company’s stock worth $435,000 after buying an additional 15,595 shares during the period. MML Investors Services LLC acquired a new stake in Arconic during the 1st quarter worth $1,351,000. KBC Group NV raised its stake in Arconic by 422.3% during the 2nd quarter. KBC Group NV now owns 312,797 shares of the basic materials company’s stock worth $8,076,000 after buying an additional 252,912 shares during the period. Finally, Tredje AP fonden acquired a new stake in Arconic during the 1st quarter worth $111,000. Institutional investors and hedge funds own 82.51% of the company’s stock.

In related news, major shareholder International L.P. Elliott sold 4,208,518 shares of Arconic stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $25.06, for a total transaction of $105,465,461.08. Following the completion of the transaction, the insider now owns 13,663,454 shares in the company, valued at $342,406,157.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Timothy Donald Myers sold 10,000 shares of Arconic stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $25.33, for a total value of $253,300.00. Following the transaction, the insider now owns 23,759 shares of the company’s stock, valued at approximately $601,815.47. The disclosure for this sale can be found here. Insiders have sold 7,205,556 shares of company stock valued at $179,707,601 in the last quarter. 0.14% of the stock is currently owned by corporate insiders.

ARNC has been the topic of several recent research reports. ValuEngine downgraded Arconic from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Longbow Research cut Arconic from a “buy” rating to a “neutral” rating in a report on Thursday, July 18th. Morgan Stanley raised their price objective on Arconic from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Barclays upgraded Arconic from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $20.00 to $31.00 in a report on Wednesday, August 7th. Finally, Jefferies Financial Group raised their price objective on Arconic from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $24.41.

Arconic stock traded down $0.33 during midday trading on Friday, reaching $26.81. 83,842 shares of the company’s stock were exchanged, compared to its average volume of 3,498,941. Arconic Inc has a 52 week low of $15.63 and a 52 week high of $27.41. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.94 and a current ratio of 1.66. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 19.71 and a beta of 1.49. The stock’s 50-day simple moving average is $25.48 and its 200 day simple moving average is $22.97.

Arconic (NYSE:ARNC) last posted its quarterly earnings results on Friday, August 2nd. The basic materials company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. Arconic had a return on equity of 15.38% and a net margin of 3.13%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the company posted $0.37 earnings per share. Arconic’s quarterly revenue was up 3.3% on a year-over-year basis. Research analysts forecast that Arconic Inc will post 2.04 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Sunday, August 25th. Investors of record on Friday, August 2nd were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend was Thursday, August 1st. Arconic’s payout ratio is currently 5.88%.

About Arconic

Arconic Inc engineers, manufactures, and sells lightweight metals worldwide. The company operate in three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions segment 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 for aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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