Oregon Public Employees Retirement Fund increased its stake in Arconic Inc (NYSE:ARNC) by 150.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 115,902 shares of the basic materials company’s stock after purchasing an additional 69,560 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Arconic were worth $1,971,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC bought a new stake in shares of Arconic in the 1st quarter worth approximately $116,000. BlueMountain Capital Management LLC bought a new stake in shares of Arconic in the 2nd quarter worth approximately $104,000. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Arconic by 198.0% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock worth $124,000 after purchasing an additional 4,850 shares during the period. Highstreet Asset Management Inc. raised its holdings in shares of Arconic by 1,475.0% in the 2nd quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock worth $144,000 after purchasing an additional 7,906 shares during the period. Finally, IBM Retirement Fund bought a new stake in shares of Arconic in the 1st quarter worth approximately $216,000. 82.94% of the stock is currently owned by institutional investors.
ARNC has been the topic of a number of research reports. Longbow Research cut shares of Arconic from a “buy” rating to a “neutral” rating in a report on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday, August 14th. ValuEngine raised shares of Arconic from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 12th. Seaport Global Securities reaffirmed a “buy” rating on shares of Arconic in a report on Wednesday, July 18th. Finally, Jefferies Financial Group began coverage on shares of Arconic in a report on Monday, July 16th. They set a “buy” rating and a $23.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $24.91.
ARNC stock traded down $0.37 during midday trading on Friday, reaching $21.84. 4,012,948 shares of the company’s stock traded hands, compared to its average volume of 3,901,279. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 0.85 and a beta of 1.31. Arconic Inc has a 52 week low of $16.47 and a 52 week high of $31.17. 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 (NYSE:ARNC) last released its quarterly earnings results on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.08. The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.49 billion. Arconic had a negative net margin of 2.55% and a positive return on equity of 12.06%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Equities research analysts anticipate that Arconic Inc will post 1.29 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, November 25th. Stockholders of record on Friday, November 2nd will be issued a $0.06 dividend. The ex-dividend date is Thursday, November 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.10%. Arconic’s payout ratio is currently 19.67%.
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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