State Board of Administration of Florida Retirement System cut its stake in Arconic Co. (NYSE:ARNC) by 14.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,272 shares of the basic materials company’s stock after selling 6,890 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Arconic were worth $1,023,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Amundi Pioneer Asset Management Inc. grew its stake in shares of Arconic by 4.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 396,762 shares of the basic materials company’s stock worth $7,583,000 after purchasing an additional 15,182 shares during the period. Comerica Bank grew its position in Arconic by 1.4% during the fourth quarter. Comerica Bank now owns 107,183 shares of the basic materials company’s stock valued at $3,015,000 after buying an additional 1,469 shares during the period. Victory Capital Management Inc. increased its holdings in Arconic by 14.4% in the fourth quarter. Victory Capital Management Inc. now owns 860,132 shares of the basic materials company’s stock valued at $25,631,000 after buying an additional 108,463 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Arconic by 168.1% during the 4th quarter. First Trust Advisors LP now owns 277,105 shares of the basic materials company’s stock worth $8,258,000 after acquiring an additional 173,739 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Arconic by 2.4% during the 4th quarter. California Public Employees Retirement System now owns 231,712 shares of the basic materials company’s stock valued at $6,905,000 after acquiring an additional 5,386 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.
In related news, EVP Mark J. Vrablec sold 10,500 shares of Arconic stock in a transaction that occurred on Wednesday, May 26th. The stock was sold at an average price of $35.40, for a total transaction of $371,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mary Zik sold 6,956 shares of the business’s stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $33.00, for a total value of $229,548.00. Following the transaction, the insider now directly owns 47,397 shares in the company, valued at approximately $1,564,101. The disclosure for this sale can be found here. Insiders sold a total of 22,756 shares of company stock worth $788,073 over the last three months. Corporate insiders own 0.57% of the company’s stock.
Shares of ARNC opened at $38.00 on Friday. The stock’s 50 day moving average price is $32.42. Arconic Co. has a one year low of $12.94 and a one year high of $38.49. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.84 and a quick ratio of 1.09. The stock has a market capitalization of $4.18 billion, a PE ratio of -41.30 and a beta of 2.98.
Arconic (NYSE:ARNC) last released its earnings results on Monday, May 3rd. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.19. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.58 billion. Arconic had a negative net margin of 1.73% and a positive return on equity of 0.10%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Sell-side analysts predict that Arconic Co. will post 1.97 EPS for the current year.
ARNC has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on Arconic from $38.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, May 6th. Zacks Investment Research raised shares of Arconic from a “sell” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a research note on Monday, May 10th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Arconic in a research report on Friday, April 23rd. They set a “neutral” rating and a $28.00 price objective for the company. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $36.20.
Arconic Profile
Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.
Featured Story: Front-End Load