Arconic Inc (ARNC) Holdings Cut by Texas Permanent School Fund

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Texas Permanent School Fund lessened its holdings in Arconic Inc (NYSE:ARNC) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,491 shares of the basic materials company’s stock after selling 7,193 shares during the period. Texas Permanent School Fund’s holdings in Arconic were worth $2,124,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. IFM Investors Pty Ltd boosted its stake in shares of Arconic by 14.4% during the third quarter. IFM Investors Pty Ltd now owns 23,466 shares of the basic materials company’s stock valued at $516,000 after purchasing an additional 2,953 shares in the last quarter. Guardian Investment Management boosted its stake in shares of Arconic by 7.5% during the third quarter. Guardian Investment Management now owns 33,687 shares of the basic materials company’s stock valued at $742,000 after purchasing an additional 2,355 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in shares of Arconic by 166.8% during the third quarter. Cornerstone Wealth Management LLC now owns 31,996 shares of the basic materials company’s stock valued at $1,168,000 after purchasing an additional 20,004 shares in the last quarter. Aperio Group LLC boosted its stake in shares of Arconic by 49.2% during the third quarter. Aperio Group LLC now owns 169,955 shares of the basic materials company’s stock valued at $3,741,000 after purchasing an additional 56,026 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Arconic by 40.3% during the third quarter. Bank of Montreal Can now owns 189,682 shares of the basic materials company’s stock valued at $4,175,000 after purchasing an additional 54,525 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Arconic stock opened at $20.92 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $10.23 billion, a P/E ratio of 17.15, a P/E/G ratio of 0.81 and a beta of 1.22. Arconic Inc has a one year low of $16.47 and a one year high of $31.17.

Arconic (NYSE:ARNC) last posted its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.02. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.48 billion. Arconic had a positive return on equity of 12.94% and a negative net margin of 2.19%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 earnings per share. Equities analysts predict that Arconic Inc will post 1.31 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, November 25th. Shareholders of record on Friday, November 2nd will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.15%. The ex-dividend date is Thursday, November 1st. Arconic’s dividend payout ratio (DPR) is presently 19.67%.

A number of research firms recently commented on ARNC. Jefferies Financial Group began coverage on Arconic in a research note on Monday, July 16th. They issued a “buy” rating and a $23.00 price objective on the stock. Seaport Global Securities reaffirmed a “buy” rating on shares of Arconic in a research note on Wednesday, July 18th. Zacks Investment Research raised Arconic from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Friday, August 3rd. TheStreet raised Arconic from a “d+” rating to a “c-” rating in a research note on Monday, October 15th. Finally, Cowen reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Arconic in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $24.20.

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About Arconic

Arconic Inc engineers, manufactures, and sells lightweight metals of aluminum, titanium, and nickel worldwide. It operates through three segments: Engineered Products and Solutions, Global Rolled Products, and Transportation and Construction Solutions. The Engineered Products and Solutions produces and sells fastening systems and seamless rolled rings; investment castings, including airfoils and forged jet engine components; and extruded, machined, and formed aircraft parts, as well as various forged, extruded, and machined metal products.

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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