Patten & Patten Inc. TN Purchases 1,836 Shares of Arconic Inc (ARNC)

Patten & Patten Inc. TN raised its stake in Arconic Inc (NASDAQ:ARNC) by 2.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,385 shares of the basic materials company’s stock after buying an additional 1,836 shares during the period. Patten & Patten Inc. TN’s holdings in Arconic were worth $1,458,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. First Financial Equity Corporation purchased a new stake in shares of Arconic during the first quarter worth approximately $289,000. Pettee Investors Inc. purchased a new stake in shares of Arconic during the first quarter worth approximately $218,000. Dai Ichi Life Insurance Company Ltd bought a new position in Arconic during the first quarter worth $221,000. Sii Investments Inc. WI bought a new position in Arconic during the first quarter worth $227,000. Finally, Wilbanks Smith & Thomas Asset Management LLC bought a new position in Arconic during the first quarter worth $228,000.

Arconic Inc (NASDAQ ARNC) traded down 0.12% on Friday, reaching $23.99. The company’s stock had a trading volume of 2,300,947 shares. Arconic Inc has a one year low of $16.75 and a one year high of $30.69. The company’s market capitalization is $10.58 billion. The firm has a 50-day moving average of $24.36 and a 200-day moving average of $26.32.

Arconic (NASDAQ:ARNC) last announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.18 billion. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts predict that Arconic Inc will post $1.19 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Wednesday, August 2nd.

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A number of brokerages recently commented on ARNC. Cowen and Company reissued a “hold” rating and issued a $25.00 target price on shares of Arconic in a research report on Monday, June 26th. Zacks Investment Research upgraded Arconic from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, June 20th. Seaport Global Securities upgraded Arconic from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 13th. J P Morgan Chase & Co cut Arconic to a “neutral” rating and set a $30.00 price target for the company. in a research report on Wednesday, April 26th. Finally, Vetr cut Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target for the company. in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Arconic currently has an average rating of “Buy” and an average target price of $26.88.

In related news, Director James F. Albaugh bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average cost of $24.94 per share, for a total transaction of $124,700.00. Following the completion of the acquisition, the director now owns 9,409 shares in the company, valued at $234,660.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Elmer L. Doty bought 6,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $24.51 per share, with a total value of $147,060.00. Following the completion of the acquisition, the director now owns 4,409 shares of the company’s stock, valued at approximately $108,064.59. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 28,325 shares of company stock valued at $743,506.

Arconic Company Profile

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.

Institutional Ownership by Quarter for Arconic (NASDAQ:ARNC)

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