Renaissance Technologies LLC Raises Stock Holdings in Arconic Inc (NYSE:ARNC)

Renaissance Technologies LLC boosted its holdings in shares of Arconic Inc (NYSE:ARNC) by 450.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,399,800 shares of the basic materials company’s stock after purchasing an additional 1,145,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.32% of Arconic worth $36,143,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ARNC. Prudential Financial Inc. boosted its position in Arconic by 91.1% during the second quarter. Prudential Financial Inc. now owns 7,138,305 shares of the basic materials company’s stock worth $184,311,000 after purchasing an additional 3,402,531 shares in the last quarter. LSV Asset Management purchased a new position in shares of Arconic in the second quarter valued at approximately $72,241,000. First Trust Advisors LP purchased a new position in shares of Arconic in the second quarter valued at approximately $25,790,000. Envestnet Asset Management Inc. lifted its position in shares of Arconic by 1,166.5% in the first quarter. Envestnet Asset Management Inc. now owns 679,194 shares of the basic materials company’s stock valued at $12,979,000 after acquiring an additional 625,565 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Arconic in the second quarter valued at approximately $11,152,000. Institutional investors own 82.52% of the company’s stock.

Several research firms have recently weighed in on ARNC. Morgan Stanley raised their target price on Arconic from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Barclays raised Arconic from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $20.00 to $31.00 in a report on Wednesday, August 7th. Jefferies Financial Group raised their target price on Arconic from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. ValuEngine cut Arconic from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Longbow Research cut Arconic from a “buy” rating to a “neutral” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $24.41.

In related news, major shareholder International L.P. Elliott sold 4,208,518 shares of Arconic stock in a transaction 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 in the company, valued at $342,406,157.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Timothy Donald Myers sold 10,000 shares of Arconic stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $25.33, for a total value of $253,300.00. Following the completion of the transaction, the insider now owns 23,759 shares of the company’s stock, valued at $601,815.47. The disclosure for this sale can be found here. Insiders sold 7,205,556 shares of company stock valued at $179,707,601 over the last ninety days. Insiders own 0.14% of the company’s stock.

Shares of NYSE ARNC traded up $0.08 during trading on Friday, reaching $27.10. The stock had a trading volume of 723,697 shares, compared to its average volume of 3,481,757. Arconic Inc has a fifty-two week low of $15.63 and a fifty-two week high of $27.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.94 and a current ratio of 1.66. The business’s 50-day moving average price is $25.25 and its 200-day moving average price is $22.66. The company has a market cap of $11.76 billion, a P/E ratio of 19.93 and a beta of 1.49.

Arconic (NYSE:ARNC) last issued its quarterly earnings data on Friday, August 2nd. The basic materials company reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.08. Arconic had a return on equity of 15.38% and a net margin of 3.13%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the firm posted $0.37 earnings per share. The company’s revenue was up 3.3% on a year-over-year basis. Analysts forecast that Arconic Inc will post 2.04 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Sunday, August 25th. Stockholders of record on Friday, August 2nd were paid a $0.02 dividend. The ex-dividend date was Thursday, August 1st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.30%. Arconic’s payout ratio is presently 5.88%.

Arconic Company Profile

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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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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