Municipal Employees Retirement System of Michigan bought a new position in Arconic Inc (NYSE:ARNC) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 11,130 shares of the basic materials company’s stock, valued at approximately $188,000.
Other institutional investors have also bought and sold shares of the company. Enlightenment Research LLC bought a new position in Arconic during the 4th quarter valued at about $67,000. We Are One Seven LLC bought a new position in Arconic during the 4th quarter valued at about $109,000. Oregon Public Employees Retirement Fund grew its holdings in Arconic by 1,764.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,173,996 shares of the basic materials company’s stock valued at $129,000 after purchasing an additional 2,057,395 shares during the last quarter. Cerebellum GP LLC bought a new position in Arconic during the 4th quarter valued at about $135,000. Finally, Trust Asset Management LLC grew its holdings in Arconic by 2,101.0% during the 3rd quarter. Trust Asset Management LLC now owns 73,359 shares of the basic materials company’s stock valued at $204,000 after purchasing an additional 70,026 shares during the last quarter. Hedge funds and other institutional investors own 88.07% of the company’s stock.
Shares of ARNC stock opened at $20.68 on Wednesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.16 and a current ratio of 1.87. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 15.11 and a beta of 1.49. Arconic Inc has a one year low of $15.63 and a one year high of $24.07.
Arconic (NYSE:ARNC) last issued its earnings results on Friday, February 8th. The basic materials company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.03. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.47 billion. Arconic had a net margin of 4.58% and a return on equity of 12.73%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 EPS. On average, equities analysts forecast that Arconic Inc will post 1.66 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, May 25th. Shareholders of record on Friday, May 3rd will be paid a $0.02 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.08 dividend on an annualized basis and a yield of 0.39%. Arconic’s dividend payout ratio is currently 17.65%.
Several brokerages recently commented on ARNC. Zacks Investment Research downgraded shares of Arconic from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 15th. ValuEngine upgraded shares of Arconic from a “strong sell” rating to a “sell” rating in a report on Monday, April 1st. Longbow Research upgraded shares of Arconic from a “neutral” rating to a “buy” rating and cut their price target for the company from $23.25 to $18.26 in a report on Thursday, December 20th. JPMorgan Chase & Co. downgraded shares of Arconic from an “overweight” rating to a “neutral” rating and cut their price target for the company from $24.00 to $22.00 in a report on Monday, January 14th. Finally, Cowen reiterated a “hold” rating and set a $20.00 price target on shares of Arconic in a report on Friday, February 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $23.03.
In related news, CEO John C. Plant bought 35,000 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were acquired at an average cost of $18.16 per share, for a total transaction of $635,600.00. Following the purchase, the chief executive officer now directly owns 28,282 shares of the company’s stock, valued at $513,601.12. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman John C. Plant bought 105,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was bought at an average price of $18.67 per share, for a total transaction of $1,960,350.00. Following the completion of the purchase, the chairman now directly owns 28,282 shares in the company, valued at $528,024.94. The disclosure for this purchase can be found here. Insiders acquired a total of 280,000 shares of company stock worth $5,192,250 over the last 90 days. Insiders own 0.14% of the company’s stock.
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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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