Northern Trust Corp cut its holdings in shares of Arconic Inc (NYSE:ARNC) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,708,239 shares of the basic materials company’s stock after selling 17,634 shares during the period. Northern Trust Corp’s holdings in Arconic were worth $121,566,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Arconic during the second quarter worth about $295,000. CENTRAL TRUST Co increased its stake in shares of Arconic by 1,170.8% during the second 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 purchased a new stake in shares of Arconic during the first quarter worth approximately $1,351,000. KBC Group NV increased its stake in shares of Arconic by 422.3% during the second 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 purchased a new stake in shares of Arconic during the first quarter worth approximately $111,000. Institutional investors own 82.52% of the company’s stock.
Shares of ARNC stock traded up $0.14 during trading hours on Friday, reaching $27.16. 82,005 shares of the stock were exchanged, compared to its average volume of 3,481,757. The business’s fifty day moving average is $25.25 and its two-hundred day moving average is $22.66. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.66 and a quick ratio of 0.94. Arconic Inc has a 12-month low of $15.63 and a 12-month high of $27.17. The firm has a market capitalization of $11.76 billion, a P/E ratio of 19.94 and a beta of 1.49.
Arconic (NYSE:ARNC) last released its earnings results on Friday, August 2nd. The basic materials company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.08. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.64 billion. Arconic had a net margin of 3.13% and a return on equity of 15.38%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 earnings per share. As a group, equities research analysts predict that Arconic Inc will post 2.04 earnings per share for the current fiscal 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 $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Thursday, August 1st. Arconic’s dividend payout ratio (DPR) is 5.88%.
A number of research firms recently weighed in on ARNC. Longbow Research lowered shares of Arconic from a “buy” rating to a “neutral” rating in a research note on Thursday, July 18th. Morgan Stanley upped their target price on shares of Arconic from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. ValuEngine lowered shares of Arconic from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Barclays upgraded shares of Arconic from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $20.00 to $31.00 in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group upped their target price on shares of Arconic from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $24.41.
In related news, major shareholder International L.P. Elliott sold 4,208,518 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $25.06, for a total value of $105,465,461.08. Following the completion of the transaction, the insider now directly owns 13,663,454 shares of the company’s stock, valued at $342,406,157.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John C. Plant purchased 30,463 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $24.13 per share, with a total value of $735,072.19. Following the completion of the acquisition, the chairman now directly owns 28,282 shares of the company’s stock, valued at $682,444.66. The disclosure for this purchase can be found here. Insiders sold 7,205,556 shares of company stock valued at $179,707,601 over the last ninety days. 0.14% of the stock is currently owned by corporate insiders.
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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