Mitsubishi UFJ Trust & Banking Corp Decreases Stake in Arconic Co. (NYSE:ARNC)

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in Arconic Co. (NYSE:ARNCGet 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

Several equities research analysts recently commented on the company. The Goldman Sachs Group dropped their target price on Arconic from $35.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, October 13th. StockNews.com cut shares of Arconic from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Arconic from a “buy” rating to a “hold” rating and decreased their target price for the company from $23.00 to $22.00 in a research note on Thursday, November 3rd. Finally, Benchmark dropped their price target on shares of Arconic from $35.00 to $30.00 in a research note on Wednesday, November 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Arconic presently has a consensus rating of “Hold” and a consensus target price of $28.50.

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:ARNCGet 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 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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