Teacher Retirement System of Texas lessened its holdings in Arconic Inc (NYSE:ARNC) by 85.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 109,148 shares of the basic materials company’s stock after selling 620,644 shares during the period. Teacher Retirement System of Texas’ holdings in Arconic were worth $2,974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in ARNC. Huntington National Bank acquired a new position in shares of Arconic during the third quarter valued at $132,000. Fox Run Management L.L.C. acquired a new position in shares of Arconic during the fourth quarter valued at $205,000. National Planning Corp acquired a new position in shares of Arconic during the third quarter valued at $206,000. Pitcairn Co. acquired a new position in shares of Arconic during the third quarter valued at $209,000. Finally, UMB Bank N A MO acquired a new position in shares of Arconic during the fourth quarter valued at $212,000. 74.85% of the stock is owned by hedge funds and other institutional investors.
Shares of Arconic Inc (NYSE ARNC) opened at $25.36 on Tuesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.26 and a quick ratio of 1.38. Arconic Inc has a 1 year low of $21.75 and a 1 year high of $31.17. The company has a market cap of $12,208.72, a PE ratio of -115.27, a price-to-earnings-growth ratio of 0.85 and a beta of 0.93.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 4th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, May 3rd. This represents a $0.24 annualized dividend and a yield of 0.95%. Arconic’s payout ratio is presently -109.09%.
ARNC has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Arconic from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Wells Fargo & Co initiated coverage on shares of Arconic in a report on Thursday, January 4th. They set an “outperform” rating and a $35.00 price target for the company. Cowen reissued a “hold” rating and set a $25.00 price target on shares of Arconic in a report on Wednesday, January 3rd. Seaport Global Securities restated a “buy” rating and set a $33.00 price objective on shares of Arconic in a research note on Monday, January 22nd. Finally, Deutsche Bank set a $31.00 price objective on shares of Arconic and gave the company a “buy” rating in a research note on Tuesday, October 24th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Arconic has a consensus rating of “Buy” and a consensus price target of $29.77.
In related news, Director David P. Hess acquired 40,300 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were purchased at an average price of $24.80 per share, for a total transaction of $999,440.00. Following the acquisition, the director now owns 127,870 shares in the company, valued at $3,171,176. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.12% of the stock is currently owned by insiders.
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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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