BlackRock Inc. lifted its stake in shares of Arconic Inc (NYSE:ARNC) by 4.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,321,536 shares of the basic materials company’s stock after purchasing an additional 1,585,480 shares during the period. BlackRock Inc. owned approximately 0.07% of Arconic worth $600,819,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Arconic by 1,270.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 119,955 shares of the basic materials company’s stock valued at $2,040,000 after buying an additional 111,200 shares during the period. Eos Focused Equity Management L.P. acquired a new position in Arconic during the second quarter valued at $2,792,000. Delek Group Ltd. raised its position in Arconic by 345.1% during the second quarter. Delek Group Ltd. now owns 66,307 shares of the basic materials company’s stock valued at $1,128,000 after buying an additional 51,409 shares during the period. Zeke Capital Advisors LLC acquired a new position in Arconic during the second quarter valued at $203,000. Finally, Rhumbline Advisers raised its position in Arconic by 2.5% during the second quarter. Rhumbline Advisers now owns 786,896 shares of the basic materials company’s stock valued at $13,385,000 after buying an additional 19,162 shares during the period. 82.96% of the stock is currently owned by institutional investors.
Shares of NYSE ARNC opened at $22.16 on Thursday. The company has a current ratio of 2.04, a quick ratio of 1.15 and a debt-to-equity ratio of 1.22. Arconic Inc has a one year low of $16.47 and a one year high of $31.17. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 0.87 and a beta of 1.32.
Arconic (NYSE:ARNC) last issued its earnings results on Tuesday, July 31st. The basic materials company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.08. Arconic had a positive return on equity of 12.06% and a negative net margin of 2.55%. The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. equities research analysts anticipate that Arconic Inc will post 1.29 EPS for the current fiscal year.
Several research firms recently weighed in on ARNC. Zacks Investment Research lowered Arconic from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Barclays reissued a “hold” rating and set a $20.00 price target on shares of Arconic in a research report on Sunday, May 13th. Seaport Global Securities reissued a “buy” rating on shares of Arconic in a research report on Wednesday, July 18th. Argus lowered Arconic from a “buy” rating to a “hold” rating in a research report on Thursday, May 31st. Finally, Jefferies Financial Group set a $25.00 price target on Arconic and gave the company a “buy” rating in a research report on Wednesday, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $24.91.
Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through 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, as well as various forged, extruded, and machined metal products.
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