Arconic Co. (NYSE:ARNC) Stock Holdings Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in Arconic Co. (NYSE:ARNCGet Rating) by 8.2% during the second quarter, HoldingsChannel.com reports. The firm owned 652,727 shares of the basic materials company’s stock after selling 58,551 shares during the quarter. Principal Financial Group Inc.’s holdings in Arconic were worth $18,309,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARNC. State Street Corp grew its stake in Arconic by 50.5% in the first quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock valued at $211,093,000 after purchasing an additional 2,765,816 shares in the last quarter. BlackRock Inc. lifted its position in shares of Arconic by 5.1% in the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock worth $520,389,000 after buying an additional 991,281 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Arconic by 7.3% in the first quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock worth $298,559,000 after buying an additional 791,501 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Arconic by 43.2% in the first quarter. Victory Capital Management Inc. now owns 1,213,936 shares of the basic materials company’s stock worth $31,090,000 after buying an additional 366,426 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Arconic by 1,411.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 362,700 shares of the basic materials company’s stock worth $9,292,000 after buying an additional 338,700 shares during the last quarter. Hedge funds and other institutional investors own 95.87% of the company’s stock.

Insider Buying and Selling

In related news, EVP Diana B. Perreiah sold 4,015 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.40, for a total transaction of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares in the company, valued at $3,457,989.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Diana B. Perreiah sold 4,015 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.40, for a total transaction of $110,011.00. Following the transaction, the executive vice president now directly owns 126,204 shares in the company, valued at $3,457,989.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William F. Austen purchased 10,000 shares of the stock in a transaction that occurred on Monday, November 21st. The shares were purchased at an average price of $19.84 per share, for a total transaction of $198,400.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $198,400. The disclosure for this purchase can be found here. 0.79% of the stock is owned by insiders.

Arconic Price Performance

NYSE ARNC opened at $21.33 on Wednesday. Arconic Co. has a twelve month low of $16.33 and a twelve month high of $35.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.78 and a current ratio of 1.65. The stock has a market capitalization of $2.16 billion, a PE ratio of 47.40 and a beta of 2.00. The stock has a 50-day simple moving average of $19.87 and a 200 day simple moving average of $24.93.

Arconic (NYSE:ARNCGet Rating) last posted its quarterly earnings data on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.14). Arconic had a return on equity of 8.54% and a net margin of 0.58%. The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the firm posted $0.15 EPS. Arconic’s revenue for the quarter was up 20.6% on a year-over-year basis. Research analysts anticipate that Arconic Co. will post 1.15 EPS for the current year.

Arconic declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, November 16th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 9.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Benchmark reduced their price target on Arconic from $35.00 to $30.00 in a research report on Wednesday, November 2nd. StockNews.com cut Arconic from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. The Goldman Sachs Group reduced their price target on Arconic from $35.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, October 13th. Finally, Deutsche Bank Aktiengesellschaft cut Arconic from a “buy” rating to a “hold” rating and reduced their price target for the stock from $23.00 to $22.00 in a research report on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Arconic presently has an average rating of “Hold” and a consensus target price of $28.50.

Arconic 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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