James Investment Research Inc. bought a new stake in shares of Arconic Inc (NASDAQ:ARNC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 46,770 shares of the basic materials company’s stock, valued at approximately $1,059,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Harris Associates L P acquired a new position in shares of Arconic during the first quarter valued at about $141,040,000. Vanguard Group Inc. raised its position in shares of Arconic by 3.9% in the first quarter. Vanguard Group Inc. now owns 41,877,016 shares of the basic materials company’s stock valued at $1,103,040,000 after buying an additional 1,559,763 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Arconic during the first quarter valued at about $30,412,000. Laurion Capital Management LP increased its stake in Arconic by 912.0% in the first quarter. Laurion Capital Management LP now owns 1,213,400 shares of the basic materials company’s stock valued at $31,961,000 after buying an additional 1,093,500 shares during the last quarter. Finally, Paulson & CO. Inc. purchased a new stake in Arconic during the first quarter valued at $25,900,000.
Shares of Arconic Inc (NASDAQ ARNC) opened at 24.02 on Friday. The stock’s market cap is $10.59 billion. The stock has a 50 day moving average price of $24.40 and a 200-day moving average price of $26.31. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69.
Arconic (NASDAQ:ARNC) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Arconic had a return on equity of 14.01% and a net margin of 6.50%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts predict that Arconic Inc will post $1.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Wednesday, August 2nd.
ILLEGAL ACTIVITY NOTICE: This piece of content was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of United States and international copyright law. The correct version of this piece of content can be read at https://stocknewstimes.com/2017/08/11/james-investment-research-inc-purchases-new-stake-in-arconic-inc-nasdaqarnc-updated-updated.html.
Several analysts have weighed in on ARNC shares. J P Morgan Chase & Co started coverage on Arconic in a research note on Tuesday, April 18th. They set a “neutral” rating and a $29.00 price target on the stock. Deutsche Bank AG reiterated a “buy” rating and set a $32.00 price target on shares of Arconic in a research note on Wednesday, April 19th. Zacks Investment Research downgraded Arconic from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Vetr downgraded Arconic from a “strong-buy” rating to a “buy” rating and set a $29.73 price target on the stock. in a research note on Tuesday, April 25th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price target on shares of Arconic in a research note on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Arconic has a consensus rating of “Buy” and a consensus price target of $26.88.
In other Arconic news, Director Patrice E. Merrin acquired 10,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were bought at an average price of $27.17 per share, with a total value of $271,700.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at $135,850. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James F. Albaugh acquired 5,000 shares of the stock in a transaction on Wednesday, August 9th. The stock was acquired at an average cost of $24.94 per share, for a total transaction of $124,700.00. Following the acquisition, the director now directly owns 9,409 shares in the company, valued at approximately $234,660.46. The disclosure for this purchase can be found here. Insiders acquired a total of 28,325 shares of company stock worth $743,506 in the last ninety days.
Arconic Company Profile
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.
Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.
