State of Tennessee Treasury Department trimmed its stake in Arconic Inc (NASDAQ:ARNC) by 21.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,555 shares of the basic materials company’s stock after selling 32,651 shares during the period. State of Tennessee Treasury Department’s holdings in Arconic were worth $2,731,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wayne Hummer Investments L.L.C. grew its position in Arconic by 8.2% during the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock worth $218,000 after purchasing an additional 732 shares during the last quarter. Pacer Advisors Inc. grew its position in Arconic by 8.4% during the 2nd quarter. Pacer Advisors Inc. now owns 9,707 shares of the basic materials company’s stock worth $220,000 after purchasing an additional 751 shares during the last quarter. Dai Ichi Life Insurance Company Ltd purchased a new position in Arconic during the 1st quarter worth $221,000. Sii Investments Inc. WI purchased a new position in Arconic during the 1st quarter worth $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC purchased a new position in Arconic during the 1st quarter worth $228,000.
Shares of Arconic Inc (ARNC) opened at 25.34 on Friday. The stock has a 50 day moving average of $24.94 and a 200 day moving average of $25.99. The stock’s market cap is $11.18 billion. Arconic Inc has a one year low of $16.75 and a one year high of $30.69.
Arconic (NASDAQ:ARNC) last released its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.26 by $0.06. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The company’s quarterly revenue was up .8% compared to the same quarter last year. Equities analysts expect that Arconic Inc will post $1.18 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 4th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $0.24 annualized dividend and a dividend yield of 0.95%.
In related news, Director Patricia F. Russo bought 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average price of $24.57 per share, for a total transaction of $368,550.00. Following the transaction, the director now directly owns 7,928 shares of the company’s stock, valued at approximately $194,790.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elmer L. Doty bought 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $24.51 per share, with a total value of $147,060.00. Following the transaction, the director now directly owns 4,409 shares in the company, valued at $108,064.59. The disclosure for this purchase can be found here. Insiders have bought 26,000 shares of company stock valued at $640,310 in the last 90 days.
ARNC has been the topic of several research reports. Vetr downgraded shares of Arconic from a “strong-buy” rating to a “buy” rating and set a $28.78 price objective on the stock. in a research report on Tuesday, July 25th. Seaport Global Securities raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Thursday, July 13th. Deutsche Bank AG reissued a “buy” rating on shares of Arconic in a research report on Saturday, June 24th. Zacks Investment Research raised shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Tuesday, June 20th. Finally, Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Arconic currently has a consensus rating of “Buy” and a consensus price target of $27.25.
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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