State of Tennessee Treasury Department increased its stake in Arconic Co. (NYSE:ARNC) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,729 shares of the basic materials company’s stock after buying an additional 6,335 shares during the quarter. State of Tennessee Treasury Department owned about 0.06% of Arconic worth $1,618,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. People s United Financial Inc. raised its stake in shares of Arconic by 4.2% in the fourth quarter. People s United Financial Inc. now owns 19,612 shares of the basic materials company’s stock valued at $584,000 after acquiring an additional 792 shares during the period. Defined Wealth Management LLC purchased a new stake in Arconic in the 4th quarter worth about $25,000. Sei Investments Co. lifted its stake in Arconic by 0.4% in the fourth quarter. Sei Investments Co. now owns 210,427 shares of the basic materials company’s stock worth $6,163,000 after purchasing an additional 872 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Arconic by 8.8% during the first quarter. Daiwa Securities Group Inc. now owns 14,800 shares of the basic materials company’s stock valued at $376,000 after buying an additional 1,200 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Arconic by 3.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 40,009 shares of the basic materials company’s stock valued at $1,016,000 after buying an additional 1,320 shares during the last quarter. 89.94% of the stock is owned by institutional investors.
In other Arconic news, insider Mary Zik sold 6,956 shares of Arconic stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $33.00, for a total value of $229,548.00. Following the transaction, the insider now owns 47,397 shares in the company, valued at $1,564,101. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark J. Vrablec sold 10,500 shares of the business’s stock in a transaction dated Wednesday, May 26th. The stock was sold at an average price of $35.40, for a total transaction of $371,700.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,756 shares of company stock worth $788,073. 0.57% of the stock is currently owned by corporate insiders.
Arconic (NYSE:ARNC) last posted its earnings results on Monday, May 3rd. The basic materials company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.19. Arconic had a negative net margin of 1.73% and a positive return on equity of 0.10%. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities analysts forecast that Arconic Co. will post 1.97 EPS for the current fiscal year.
ARNC has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Arconic from a “sell” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a report on Monday, May 10th. JPMorgan Chase & Co. assumed coverage on shares of Arconic in a research note on Friday, April 23rd. They set a “neutral” rating and a $28.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Arconic from $38.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, May 6th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Arconic currently has an average rating of “Buy” and an average price target of $36.20.
Arconic Corporation manufactures and sells aluminum sheets, plates, extrusions, and architectural products in the United States, Canada, China, France, Germany, Hungary, Russia, and the United Kingdom. It operates through three segments: Rolled Products, Extrusions, and Building and Construction Systems.
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