State of Alaska Department of Revenue lifted its holdings in Arconic Inc (NYSE:ARNC) by 7.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,134 shares of the basic materials company’s stock after purchasing an additional 8,091 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arconic were worth $2,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. MUFG Securities EMEA plc grew its stake in shares of Arconic by 3,138.9% in the fourth quarter. MUFG Securities EMEA plc now owns 377,400 shares of the basic materials company’s stock worth $6,363,000 after acquiring an additional 365,748 shares in the last quarter. Norges Bank purchased a new stake in shares of Arconic in the fourth quarter valued at about $42,750,000. FMR LLC raised its holdings in shares of Arconic by 6,482.8% in the fourth quarter. FMR LLC now owns 4,526,809 shares of the basic materials company’s stock valued at $76,322,000 after buying an additional 4,458,042 shares during the last quarter. Kentucky Retirement Systems purchased a new position in Arconic during the fourth quarter worth about $315,000. Finally, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund purchased a new position in Arconic during the fourth quarter worth about $330,000. Hedge funds and other institutional investors own 88.07% of the company’s stock.
In other news, Chairman John C. Plant acquired 105,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were purchased at an average price of $18.67 per share, for a total transaction of $1,960,350.00. Following the acquisition, the chairman now directly owns 28,282 shares of the company’s stock, valued at approximately $528,024.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John C. Plant acquired 35,000 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was purchased at an average price of $18.16 per share, for a total transaction of $635,600.00. Following the acquisition, the chief executive officer now directly owns 28,282 shares in the company, valued at $513,601.12. The disclosure for this purchase can be found here. In the last three months, insiders bought 280,000 shares of company stock worth $5,192,250. Insiders own 0.14% of the company’s stock.
Arconic (NYSE:ARNC) last issued its earnings results on Friday, February 8th. The basic materials company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.03. Arconic had a net margin of 4.58% and a return on equity of 12.73%. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter last year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts expect that Arconic Inc will post 1.66 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Stockholders of record on Friday, May 3rd will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Thursday, May 2nd. Arconic’s dividend payout ratio is presently 17.65%.
ARNC has been the topic of several research reports. Zacks Investment Research lowered shares of Arconic from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 15th. Cowen reaffirmed a “hold” rating and set a $20.00 price target on shares of Arconic in a research note on Friday, February 8th. ValuEngine raised shares of Arconic from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. downgraded shares of Arconic from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $24.00 to $22.00 in a research note on Monday, January 14th. Finally, Longbow Research raised shares of Arconic from a “neutral” rating to a “buy” rating and cut their price target for the stock from $23.25 to $18.26 in a research note on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.03.
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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 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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