Arconic Co. (NYSE:ARNC) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in Arconic Co. (NYSE:ARNCGet Rating) by 1.6% during the 2nd quarter, Holdings Channel reports. The fund owned 33,283 shares of the basic materials company’s stock after purchasing an additional 537 shares during the period. Envestnet Asset Management Inc.’s holdings in Arconic were worth $934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the business. BlackRock Inc. boosted its holdings in shares of Arconic by 5.1% in the 1st quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock valued at $520,389,000 after acquiring an additional 991,281 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Arconic by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 11,653,381 shares of the basic materials company’s stock valued at $298,559,000 after acquiring an additional 791,501 shares during the last quarter. State Street Corp boosted its holdings 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 last quarter. Harris Associates L P boosted its holdings in shares of Arconic by 0.4% in the 1st quarter. Harris Associates L P now owns 5,064,909 shares of the basic materials company’s stock valued at $129,763,000 after acquiring an additional 22,026 shares during the last quarter. Finally, Meitav Dash Investments Ltd. boosted its holdings in shares of Arconic by 0.8% in the 1st quarter. Meitav Dash Investments Ltd. now owns 1,969,151 shares of the basic materials company’s stock valued at $1,971,000 after acquiring an additional 16,204 shares during the last quarter. 95.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ARNC. The Goldman Sachs Group dropped their price objective on shares of Arconic from $35.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, October 13th. Deutsche Bank Aktiengesellschaft downgraded shares of 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. StockNews.com downgraded shares of Arconic from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Finally, Benchmark lowered their price target on shares of Arconic from $35.00 to $30.00 in a report on Wednesday, November 2nd. Three research 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 currently has a consensus rating of “Hold” and an average price target of $28.50.

Arconic Stock Performance

Shares of NYSE ARNC opened at $22.69 on Friday. The company’s fifty day moving average price is $19.85 and its 200 day moving average price is $24.90. Arconic Co. has a 1 year low of $16.33 and a 1 year 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 debt-to-equity ratio of 0.98, a quick ratio of 0.78 and a current ratio of 1.65.

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 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 business’s revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share. On average, research analysts predict that Arconic Co. will post 1.15 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director William F. Austen acquired 10,000 shares of Arconic stock in a transaction on Monday, November 21st. The stock was bought at an average cost of $19.84 per share, for a total transaction of $198,400.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $198,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.79% of the stock is currently owned by company insiders.

About Arconic

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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.

See Also

Want to see what other hedge funds are holding ARNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arconic Co. (NYSE:ARNCGet Rating).

Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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