Gateway Investment Advisers LLC reduced its position in shares of Arconic Inc (NASDAQ:ARNC) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 84,442 shares of the basic materials company’s stock after selling 3,369 shares during the period. Gateway Investment Advisers LLC’s holdings in Arconic were worth $1,913,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of ARNC. Credit Agricole S A raised its stake in Arconic by 5.5% in the first quarter. Credit Agricole S A now owns 891,714 shares of the basic materials company’s stock worth $23,488,000 after buying an additional 46,261 shares in the last quarter. Oxford Asset Management purchased a new stake in Arconic during the first quarter worth approximately $1,737,000. Gluskin Sheff & Assoc Inc. purchased a new stake in Arconic during the first quarter worth approximately $22,190,000. Vanguard Group Inc. raised its stake in Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock worth $1,103,040,000 after buying an additional 1,559,763 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in Arconic by 8.0% in the first quarter. Clearbridge Investments LLC now owns 15,819 shares of the basic materials company’s stock worth $417,000 after buying an additional 1,167 shares in the last quarter.
Shares of Arconic Inc (NASDAQ:ARNC) opened at 25.13 on Friday. Arconic Inc has a 52-week low of $16.75 and a 52-week high of $30.69. The stock has a 50 day moving average of $24.73 and a 200-day moving average of $26.22. The stock’s market capitalization is $11.08 billion.
Arconic (NASDAQ:ARNC) last released its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a return on equity of 23.34% and a net margin of 10.09%. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities research analysts predict that Arconic Inc will post $1.18 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Wednesday, August 2nd.
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A number of research firms have commented on ARNC. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arconic in a research note on Saturday, June 24th. Vetr raised shares of Arconic from a “sell” rating to a “hold” rating and set a $27.00 price objective for the company in a research note on Monday, May 29th. J P Morgan Chase & Co raised shares of Arconic from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $30.00 to $29.00 in a research note on Monday, July 10th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Tuesday, June 20th. Finally, Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.88.
In other news, Director Christopher L. Ayers bought 7,325 shares of the business’s stock in a transaction on Friday, May 26th. The shares were purchased at an average price of $27.31 per share, for a total transaction of $200,045.75. Following the purchase, the director now owns 7,425 shares of the company’s stock, valued at approximately $202,776.75. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Patrice E. Merrin bought 10,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was purchased at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $135,850. The disclosure for this purchase can be found here.
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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