Zurich Insurance Group Ltd FI raised its position in Arconic Inc (NASDAQ:ARNC) by 52.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,564 shares of the basic materials company’s stock after buying an additional 20,898 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Arconic were worth $1,372,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Arconic by 2.7% in the second quarter. Vanguard Group Inc. now owns 42,988,420 shares of the basic materials company’s stock valued at $973,688,000 after buying an additional 1,111,404 shares during the period. Harris Associates L P increased its stake in Arconic by 151.0% in the second quarter. Harris Associates L P now owns 13,439,188 shares of the basic materials company’s stock valued at $304,398,000 after purchasing an additional 8,084,588 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Arconic by 33.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,813,376 shares of the basic materials company’s stock valued at $131,682,000 after purchasing an additional 1,468,173 shares in the last quarter. Prudential Financial Inc. increased its stake in Arconic by 194.2% in the second quarter. Prudential Financial Inc. now owns 1,859,878 shares of the basic materials company’s stock valued at $42,126,000 after purchasing an additional 1,227,740 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in Arconic by 14.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,690,000 shares of the basic materials company’s stock valued at $38,279,000 after purchasing an additional 215,000 shares in the last quarter.
Several brokerages have commented on ARNC. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. 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 note on Tuesday. J P Morgan Chase & Co upgraded shares of Arconic from a “neutral” rating to an “overweight” rating and cut their price target for the company from $30.00 to $29.00 in a research note on Monday, July 10th. Seaport Global Securities upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Thursday, July 13th. Finally, BidaskClub upgraded shares of Arconic from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Arconic presently has an average rating of “Hold” and a consensus price target of $27.36.
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Arconic Inc (NASDAQ ARNC) opened at 26.84 on Wednesday. The stock’s market capitalization is $11.84 billion. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The company has a 50 day moving average of $25.89 and a 200-day moving average of $25.86.
Arconic (NASDAQ:ARNC) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Equities research analysts predict that Arconic Inc will post $1.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Stockholders 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 dividend yield of 0.89%. The ex-dividend date is Thursday, November 2nd.
In other news, Director Elmer L. Doty bought 6,000 shares of the stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the acquisition, the director now owns 4,409 shares of the company’s stock, valued at $108,064.59. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James F. Albaugh bought 5,000 shares of the stock in a transaction on Wednesday, August 9th. The stock was purchased at an average price of $24.94 per share, with a total value of $124,700.00. Following the completion of the acquisition, the director now directly 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 three months, insiders have bought 26,000 shares of company stock worth $640,310.
Arconic Company Profile
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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