Douglas Lane & Associates LLC reduced its stake in Arconic Inc (NASDAQ:ARNC) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,311,407 shares of the basic materials company’s stock after selling 41,588 shares during the period. Douglas Lane & Associates LLC owned about 0.52% of Arconic worth $52,353,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Pettee Investors Inc. purchased a new position in shares of Arconic during the first quarter valued at approximately $218,000. Dai Ichi Life Insurance Company Ltd purchased a new position in shares of Arconic during the first quarter valued at approximately $221,000. Sii Investments Inc. WI bought a new position in shares of Arconic during the first quarter valued at about $227,000. Wilbanks Smith & Thomas Asset Management LLC bought a new position in shares of Arconic during the first quarter valued at about $228,000. Finally, Pitcairn Co. bought a new position in shares of Arconic during the first quarter valued at about $231,000.
Arconic Inc (NASDAQ:ARNC) opened at 24.56 on Tuesday. The firm has a 50 day moving average of $24.33 and a 200-day moving average of $26.39. The stock’s market capitalization is $10.83 billion. Arconic Inc has a 52 week low of $16.75 and a 52 week high of $30.69.
Arconic (NASDAQ:ARNC) last announced its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.18 billion. The company’s revenue was up .8% compared to the same quarter last year. On average, equities analysts predict that Arconic Inc will post $1.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Wednesday, August 2nd.
A number of equities research analysts have weighed in on the stock. Deutsche Bank AG reiterated a “buy” rating on shares of Arconic in a report on Saturday, June 24th. Vetr upgraded shares of Arconic to a “strong-buy” rating in a research report on Thursday, July 27th. J P Morgan Chase & Co upgraded shares of Arconic from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $30.00 to $29.00 in a research report on Monday, July 10th. Seaport Global Securities upgraded shares of Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of Arconic from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Tuesday, June 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $26.88.
In related news, Director Patrice E. Merrin purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was purchased at an average price of $27.17 per share, for a total transaction of $271,700.00. Following the acquisition, the director now directly owns 5,000 shares in the company, valued at $135,850. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher L. Ayers purchased 7,325 shares of the firm’s stock in a transaction on Friday, May 26th. The stock was bought at an average price of $27.31 per share, with a total value of $200,045.75. Following the acquisition, the director now owns 7,425 shares in the company, valued at $202,776.75. The disclosure for this purchase can be found here. Insiders have bought a total of 28,325 shares of company stock valued at $743,506 in the last quarter.
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.
