State of New Jersey Common Pension Fund D Purchases 8,585 Shares of Arconic Co. (NYSE:ARNC)

State of New Jersey Common Pension Fund D lifted its stake in Arconic Co. (NYSE:ARNC – Get Rating) by 10.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 89,248 shares of the basic materials company’s stock after purchasing an additional 8,585 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Arconic were worth $1,521,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. DCM Advisors LLC purchased a new stake in shares of Arconic during the second quarter worth about $280,000. SG Americas Securities LLC grew its position in shares of Arconic by 2.9% during the second quarter. SG Americas Securities LLC now owns 21,910 shares of the basic materials company’s stock worth $615,000 after purchasing an additional 619 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Arconic by 74.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 633,700 shares of the basic materials company’s stock worth $17,775,000 after purchasing an additional 271,000 shares in the last quarter. Supplemental Annuity Collective Trust of NJ purchased a new stake in shares of Arconic during the second quarter worth about $210,000. Finally, FMR LLC grew its position in shares of Arconic by 23.0% during the second quarter. FMR LLC now owns 5,311,189 shares of the basic materials company’s stock worth $148,979,000 after purchasing an additional 992,501 shares in the last quarter. Institutional investors own 93.90% of the company’s stock.

Arconic Price Performance

Shares of Arconic stock opened at $23.38 on Friday. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 51.96 and a beta of 2.02. 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 50 day moving average price of $22.03 and a 200-day moving average price of $23.30. Arconic Co. has a one year low of $16.33 and a one year high of $33.44.

Arconic (NYSE:ARNC – Get Rating) last announced its earnings results on Tuesday, November 1st. The basic materials company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.14). The company had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Arconic had a return on equity of 8.54% and a net margin of 0.58%. Arconic’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. Equities analysts expect that Arconic Co. will post 1.4 EPS for the current year.

Arconic announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 16th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the basic materials company to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on ARNC. Deutsche Bank Aktiengesellschaft cut Arconic from a “buy” rating to a “hold” rating and cut their price target for the company from $23.00 to $22.00 in a report on Thursday, November 3rd. The Goldman Sachs Group cut their price target on Arconic from $35.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, October 13th. Benchmark cut their price target on Arconic from $30.00 to $26.00 in a report on Thursday, December 15th. Finally, StockNews.com cut Arconic from a “buy” rating to a “hold” rating in a report on Friday, October 7th.

Insider Transactions at Arconic

In other Arconic news, Director William F. Austen purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The stock was purchased 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 $198,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.79% of the company’s stock.

Arconic Company 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.