Metropolitan Life Insurance Co. NY lessened its position in shares of Arconic Inc (NYSE:ARNC) by 30.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 64,497 shares of the basic materials company’s stock after selling 28,396 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Arconic were worth $1,097,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC bought a new position in shares of Arconic during the 1st quarter worth approximately $116,000. BlueMountain Capital Management LLC bought a new position in shares of Arconic during the 2nd quarter worth approximately $104,000. Fuller & Thaler Asset Management Inc. lifted its position in shares of Arconic by 198.0% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 7,300 shares of the basic materials company’s stock worth $124,000 after buying an additional 4,850 shares during the period. Highstreet Asset Management Inc. lifted its position in shares of Arconic by 1,475.0% during the 2nd quarter. Highstreet Asset Management Inc. now owns 8,442 shares of the basic materials company’s stock worth $144,000 after buying an additional 7,906 shares during the period. Finally, IBM Retirement Fund bought a new position in shares of Arconic during the 1st quarter worth approximately $216,000. Institutional investors and hedge funds own 82.95% of the company’s stock.
Shares of ARNC opened at $22.88 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.04 and a debt-to-equity ratio of 1.22. Arconic Inc has a 52-week low of $16.47 and a 52-week high of $31.17. The firm has a market capitalization of $11.05 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 0.89 and a beta of 1.31.
Arconic (NYSE:ARNC) last issued its quarterly earnings data on Tuesday, July 31st. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.08. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. The firm had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the previous year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. equities research analysts forecast that Arconic Inc will post 1.29 earnings per share for the current year.
Several research firms recently commented on ARNC. Longbow Research downgraded Arconic from a “buy” rating to a “neutral” rating in a research report on Monday, September 17th. They noted that the move was a valuation call. ValuEngine upgraded Arconic from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 12th. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Tuesday, August 14th. Jefferies Financial Group set a $25.00 target price on Arconic and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Finally, Cowen restated a “hold” rating and set a $15.00 target price on shares of Arconic in a research report on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $24.91.
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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