Mitsubishi UFJ Trust & Banking Corp decreased its holdings in Arconic Co. (NYSE:ARNC – Get Rating) by 79.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,093 shares of the basic materials company’s stock after selling 11,764 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Arconic were worth $87,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARNC. State Street Corp raised its stake in shares of Arconic by 50.5% in the 1st quarter. State Street Corp now owns 8,239,379 shares of the basic materials company’s stock valued at $211,093,000 after acquiring an additional 2,765,816 shares during the period. BlackRock Inc. raised its position in Arconic by 5.1% in the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock valued at $520,389,000 after purchasing an additional 991,281 shares during the period. Vanguard Group Inc. lifted its stake in shares of Arconic by 7.3% during the first quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock worth $298,559,000 after purchasing an additional 791,501 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Arconic by 43.2% during 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 purchasing an additional 366,426 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted 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 period. 95.87% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Arconic
In related news, Director William F. Austen bought 10,000 shares of the business’s stock in a transaction dated Monday, November 21st. The shares were acquired at an average price of $19.84 per share, for a total transaction of $198,400.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $198,400. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.79% of the company’s stock.
Analyst Ratings Changes
Arconic Price Performance
ARNC stock opened at $22.69 on Thursday. The stock’s 50 day moving average is $19.82 and its two-hundred day moving average is $24.91. Arconic Co. has a 52-week low of $16.33 and a 52-week high of $35.74. The company has a market capitalization of $2.30 billion, a PE ratio of 50.42 and a beta of 2.00. The company has a quick ratio of 0.78, a current ratio of 1.65 and a debt-to-equity ratio of 0.98.
Arconic (NYSE:ARNC – Get Rating) last released its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. Arconic had a return on equity of 8.54% and a net margin of 0.58%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.15 EPS. Analysts predict that Arconic Co. will post 1.15 earnings per share for the current fiscal year.
Arconic declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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.
- Get a free copy of the StockNews.com research report on Arconic (ARNC)
- Salesforce Cuts Labor, Shows Strong Earnings Despite Challenges
- Three CBD Stocks to Dominate a Budding Industry
- Institutional Support for Analog Devices Remains High
- Is the 60/40 Portfolio Mix Still in Vogue?
- Microsoft Shares: Is it Time to Back Up the Truck?
Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.