Swiss National Bank trimmed its stake in Arconic Co. (NYSE:ARNC – Get Rating) by 1.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 247,900 shares of the basic materials company’s stock after selling 2,900 shares during the period. Swiss National Bank owned about 0.24% of Arconic worth $5,246,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of ARNC. BlackRock Inc. increased its stake in shares of Arconic by 5.1% in the first quarter. BlackRock Inc. now owns 20,311,764 shares of the basic materials company’s stock valued at $520,389,000 after buying an additional 991,281 shares during the period. Vanguard Group Inc. raised its holdings in Arconic by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,898,182 shares of the basic materials company’s stock worth $202,745,000 after purchasing an additional 111,451 shares during the last quarter. State Street Corp lifted its position 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 worth $211,093,000 after purchasing an additional 2,765,816 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Arconic by 28.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,681,438 shares of the basic materials company’s stock valued at $45,694,000 after purchasing an additional 591,881 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Arconic by 2.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,571,862 shares of the basic materials company’s stock worth $26,785,000 after buying an additional 32,700 shares during the period. 93.90% of the stock is owned by institutional investors.
Analysts Set New Price Targets
ARNC has been the topic of a number of research analyst reports. StockNews.com started coverage on shares of Arconic in a research report on Tuesday. They set a “hold” rating on the stock. The Goldman Sachs Group downgraded Arconic from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $23.00 to $21.00 in a report on Tuesday, February 28th. Deutsche Bank Aktiengesellschaft cut their price target on Arconic from $23.00 to $21.00 in a report on Wednesday, February 22nd. Wolfe Research downgraded shares of Arconic from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 12th. Finally, Benchmark cut shares of Arconic from a “buy” rating to a “hold” rating in a report on Friday, May 5th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, Arconic has an average rating of “Hold” and a consensus price target of $22.67.
Arconic Stock Performance
Arconic (NYSE:ARNC – Get Rating) last posted its earnings results on Thursday, May 4th. The basic materials company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.85 billion. Arconic had a positive return on equity of 8.21% and a negative net margin of 2.29%. The company’s revenue was down 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. Sell-side analysts predict that Arconic Co. will post 1.5 earnings per share for the current fiscal year.
About Arconic
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.
Recommended Stories
- Get a free copy of the StockNews.com research report on Arconic (ARNC)
- It’s Time To Take Another Bite Of Take-Two Interactive
- Zoetis Declares New Dividend, Hinting At Undervaluation
- Good News For Walmart Isn’t So Great For Everybody Else
- Eagle Materials, Answering America’s Building Supply Needs
- Pharma Giants Novartis, Lilly, Merck, and Novo Outperform Market
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:ARNC – Get Rating).
Receive News & Ratings for Arconic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic and related companies with MarketBeat.com's FREE daily email newsletter.
