Swiss National Bank grew its stake in shares of Arconic Co. (NYSE:ARNC – Get Rating) by 3.4% in the second quarter, HoldingsChannel.com reports. The fund owned 247,400 shares of the basic materials company’s stock after acquiring an additional 8,200 shares during the quarter. Swiss National Bank’s holdings in Arconic were worth $6,940,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of ARNC. EverSource Wealth Advisors LLC lifted its position in shares of Arconic by 319.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,249 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 951 shares during the period. Tompkins Financial Corp bought a new stake in shares of Arconic during the 1st quarter valued at $39,000. M&T Bank Corp bought a new stake in shares of Arconic during the 2nd quarter valued at $49,000. Quent Capital LLC lifted its position in shares of Arconic by 163.8% during the 1st quarter. Quent Capital LLC now owns 3,239 shares of the basic materials company’s stock valued at $83,000 after acquiring an additional 2,011 shares during the period. Finally, Captrust Financial Advisors lifted its position in shares of Arconic by 21.9% during the 1st quarter. Captrust Financial Advisors now owns 3,666 shares of the basic materials company’s stock valued at $94,000 after acquiring an additional 659 shares during the period. 95.87% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
ARNC has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their target price on Arconic from $35.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, October 13th. Benchmark lowered their price target on Arconic from $35.00 to $30.00 in a report on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft cut Arconic from a “buy” rating to a “hold” rating and lowered their price target for the stock from $23.00 to $22.00 in a report on Thursday, November 3rd. Finally, StockNews.com cut Arconic from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arconic currently has a consensus rating of “Hold” and a consensus price target of $28.50.
Arconic Price Performance
Arconic (NYSE:ARNC – Get Rating) last issued its earnings results on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). Arconic had a return on equity of 8.54% and a net margin of 0.58%. The firm had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the company earned $0.15 EPS. Arconic’s revenue for the quarter was up 20.6% on a year-over-year basis. Analysts anticipate that Arconic Co. will post 1.15 earnings per share for the current fiscal year.
Arconic announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 16th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In other news, Director William F. Austen bought 10,000 shares of the stock in a transaction on Monday, November 21st. The stock was acquired at an average price of $19.84 per share, with a total value of $198,400.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $198,400. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Diana B. Perreiah sold 4,015 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.40, for a total value of $110,011.00. Following the completion of the sale, the executive vice president now owns 126,204 shares of the company’s stock, valued at $3,457,989.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William F. Austen purchased 10,000 shares of the firm’s stock in a transaction dated Monday, November 21st. The stock was bought at an average cost of $19.84 per share, with a total value of $198,400.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $198,400. The disclosure for this purchase can be found here. Insiders own 0.79% of the company’s stock.
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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