Teacher Retirement System of Texas lessened its holdings in shares of Arconic Inc. (NYSE:ARNC) by 28.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 729,792 shares of the basic materials company’s stock after selling 287,315 shares during the period. Teacher Retirement System of Texas owned 0.15% of Arconic worth $18,157,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Capital Fund Management S.A. bought a new position in Arconic in the second quarter valued at about $7,597,000. TSP Capital Management Group LLC boosted its holdings in Arconic by 5.9% in the second quarter. TSP Capital Management Group LLC now owns 237,528 shares of the basic materials company’s stock valued at $5,380,000 after acquiring an additional 13,260 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in Arconic by 15.2% in the second quarter. Dynamic Technology Lab Private Ltd now owns 22,322 shares of the basic materials company’s stock valued at $506,000 after acquiring an additional 2,949 shares during the last quarter. Andra AP fonden boosted its holdings in Arconic by 16.0% in the second quarter. Andra AP fonden now owns 125,400 shares of the basic materials company’s stock valued at $2,840,000 after acquiring an additional 17,300 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. boosted its holdings in Arconic by 8.2% in the second quarter. Wayne Hummer Investments L.L.C. now owns 9,630 shares of the basic materials company’s stock valued at $218,000 after acquiring an additional 732 shares during the last quarter. Institutional investors own 73.19% of the company’s stock.
Several research firms recently issued reports on ARNC. Morgan Stanley reiterated a “hold” rating and issued a $27.00 price target on shares of Arconic in a report on Tuesday, October 24th. Cowen Inc restated a “hold” rating and set a $25.00 target price on shares of Arconic in a report on Tuesday, October 31st. Deutsche Bank AG set a $31.00 target price on Arconic and gave the stock a “buy” rating in a report on Tuesday, October 24th. Vetr lowered Arconic from a “buy” rating to a “hold” rating and set a $27.97 price target on the stock. in a research report on Monday, October 23rd. Finally, BidaskClub raised Arconic from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Arconic currently has a consensus rating of “Buy” and a consensus target price of $28.33.
Shares of Arconic Inc. (NYSE:ARNC) traded up $0.24 during trading on Friday, reaching $23.99. The company had a trading volume of 1,945,418 shares, compared to its average volume of 2,970,273. Arconic Inc. has a 1-year low of $18.47 and a 1-year high of $30.69. The firm has a market cap of $11,431.45, a price-to-earnings ratio of 23.28 and a beta of 0.88. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.38 and a current ratio of 2.30.
Arconic (NYSE:ARNC) last announced its earnings results on Monday, October 23rd. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.02). Arconic had a negative net margin of 4.70% and a positive return on equity of 9.71%. The firm had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.09 billion. Arconic’s revenue was up 3.1% on a year-over-year basis. analysts anticipate that Arconic Inc. will post 1.16 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, November 25th. Investors of record on Friday, November 3rd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, November 2nd. Arconic’s dividend payout ratio is presently -15.09%.
Arconic Inc, formerly Alcoa Inc, is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging.