Cigna Investments Inc. New reduced its position in Arconic Inc (NYSE:ARNC) by 12.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 10,285 shares of the basic materials company’s stock after selling 1,399 shares during the quarter. Cigna Investments Inc. New’s holdings in Arconic were worth $308,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Arconic by 7.6% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,735,873 shares of the basic materials company’s stock worth $45,133,000 after acquiring an additional 122,705 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Arconic by 32.6% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,467,783 shares of the basic materials company’s stock valued at $38,162,000 after purchasing an additional 360,441 shares during the last quarter. Trinity Street Asset Management LLP increased its position in shares of Arconic by 4.4% during the 3rd quarter. Trinity Street Asset Management LLP now owns 1,401,462 shares of the basic materials company’s stock valued at $36,438,000 after purchasing an additional 58,749 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Arconic by 8.6% during the 4th quarter. California Public Employees Retirement System now owns 937,996 shares of the basic materials company’s stock valued at $28,862,000 after purchasing an additional 73,920 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Arconic by 3.3% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 575,504 shares of the basic materials company’s stock valued at $17,708,000 after purchasing an additional 18,620 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.
ARNC has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on Arconic from $30.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Longbow Research lowered Arconic from a “neutral” rating to an “underperform” rating and set a $24.00 price objective on the stock. in a research report on Wednesday, January 22nd. Credit Suisse Group raised their price target on Arconic in a research report on Tuesday, January 28th. Cowen began coverage on Arconic in a research report on Monday, January 27th. They set a “buy” rating and a $33.00 price target on the stock. Finally, Benchmark began coverage on Arconic in a research report on Thursday, January 16th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Arconic presently has an average rating of “Buy” and a consensus price target of $29.44.
In other news, EVP Timothy Donald Myers sold 29,849 shares of Arconic stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $30.82, for a total value of $919,946.18. Following the sale, the executive vice president now directly owns 28,925 shares in the company, valued at approximately $891,468.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP W Paul Myron sold 10,188 shares of Arconic stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $30.67, for a total value of $312,465.96. Following the completion of the sale, the vice president now owns 80,931 shares in the company, valued at $2,482,153.77. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.
ARNC opened at $32.95 on Friday. The stock’s 50 day simple moving average is $30.45 and its 200 day simple moving average is $28.31. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.42 and a quick ratio of 0.83. Arconic Inc has a 1 year low of $17.46 and a 1 year high of $33.45. The firm has a market cap of $13.70 billion, a price-to-earnings ratio of 31.99 and a beta of 1.52.
Arconic (NYSE:ARNC) last posted its quarterly earnings results on Monday, January 27th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.01). Arconic had a return on equity of 20.28% and a net margin of 3.31%. The company had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the previous year, the business earned $0.33 earnings per share. Arconic’s revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arconic Inc will post 2.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.24%. Arconic’s dividend payout ratio is currently 3.79%.
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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