Arizona State Retirement System Lowers Position in Arconic Co. (NYSE:ARNC)

Arizona State Retirement System lowered its stake in shares of Arconic Co. (NYSE:ARNCGet Rating) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,346 shares of the basic materials company’s stock after selling 621 shares during the period. Arizona State Retirement System’s holdings in Arconic were worth $701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Meitav Dash Investments Ltd. purchased a new stake in Arconic during the fourth quarter worth about $2,021,000. Rubric Capital Management LP increased its position in Arconic by 49.5% during the fourth quarter. Rubric Capital Management LP now owns 1,763,267 shares of the basic materials company’s stock worth $58,205,000 after purchasing an additional 583,529 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Arconic by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,682,046 shares of the basic materials company’s stock worth $55,523,000 after purchasing an additional 37,978 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Arconic by 4.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,390,962 shares of the basic materials company’s stock worth $45,916,000 after buying an additional 56,784 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Arconic by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 941,057 shares of the basic materials company’s stock worth $31,064,000 after buying an additional 43,776 shares during the period. Hedge funds and other institutional investors own 90.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Arconic from a “hold” rating to a “buy” rating in a research note on Wednesday. The Goldman Sachs Group upped their target price on shares of Arconic from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, June 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Arconic from $40.00 to $34.00 in a research note on Thursday, May 5th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Arconic Trading Up 4.1 %

NYSE ARNC opened at $29.22 on Thursday. Arconic Co. has a 12 month low of $22.45 and a 12 month high of $36.77. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.45 and a quick ratio of 0.66. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -7.88 and a beta of 1.60. The company’s fifty day moving average price is $28.32 and its two-hundred day moving average price is $28.03.

Arconic (NYSE:ARNCGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The basic materials company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.33. The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.42 billion. Arconic had a negative net margin of 5.07% and a positive return on equity of 5.12%. The firm’s revenue was up 41.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. As a group, research analysts predict that Arconic Co. will post 2.52 earnings per share for the current fiscal year.

Arconic Company Profile

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Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, the United Kingdom, and internationally. It operates through three segments: Rolled Products, Building and Construction Systems, and Extrusions.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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