Oakbrook Investments LLC Buys New Stake in Arconic Inc (NASDAQ:ARNC)

Oakbrook Investments LLC bought a new position in shares of Arconic Inc (NASDAQ:ARNC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 39,663 shares of the basic materials company’s stock, valued at approximately $898,000.

Several other institutional investors have also made changes to their positions in the stock. Patten & Patten Inc. TN increased its stake in shares of Arconic by 2.9% in the second quarter. Patten & Patten Inc. TN now owns 64,385 shares of the basic materials company’s stock valued at $1,458,000 after buying an additional 1,836 shares during the period. Aperio Group LLC increased its stake in shares of Arconic by 5.5% in the second quarter. Aperio Group LLC now owns 107,527 shares of the basic materials company’s stock valued at $2,435,000 after buying an additional 5,572 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Arconic by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 27,300 shares of the basic materials company’s stock valued at $618,000 after buying an additional 200 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management increased its stake in shares of Arconic by 11.0% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 96,246 shares of the basic materials company’s stock valued at $2,180,000 after buying an additional 9,566 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Arconic by 18.3% in the second quarter. Nisa Investment Advisors LLC now owns 51,599 shares of the basic materials company’s stock valued at $1,248,000 after buying an additional 7,967 shares during the period.

Shares of Arconic Inc (ARNC) traded up 0.04% during mid-day trading on Friday, reaching $24.29. 2,607,525 shares of the company’s stock were exchanged. Arconic Inc has a 1-year low of $16.75 and a 1-year high of $30.69. The company’s 50 day moving average is $24.51 and its 200 day moving average is $26.40. The stock’s market capitalization is $10.71 billion.

Arconic (NASDAQ:ARNC) last released its earnings results on Monday, July 24th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.18 billion. Arconic had a net margin of 6.50% and a return on equity of 14.01%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts anticipate that Arconic Inc will post $1.18 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Wednesday, August 2nd.

TRADEMARK VIOLATION WARNING: This piece of content was first reported by BNB Daily and is the property of of BNB Daily. If you are accessing this piece of content on another publication, it was illegally copied and republished in violation of United States and international copyright legislation. The legal version of this piece of content can be read at https://www.baseball-news-blog.com/2017/08/19/oakbrook-investments-llc-takes-position-in-arconic-inc-nasdaqarnc-updated-updated-updated.html.

Several equities research analysts recently issued reports on ARNC shares. J P Morgan Chase & Co cut shares of Arconic to a “neutral” rating and set a $30.00 target price on the stock. in a report on Wednesday, April 26th. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price target on shares of Arconic in a research note on Tuesday, June 13th. Vetr cut shares of Arconic from a “hold” rating to a “sell” rating and set a $27.00 price target on the stock. in a research note on Monday, May 15th. Zacks Investment Research cut shares of Arconic from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. Finally, Cowen and Company reiterated a “hold” rating and set a $25.00 price target on shares of Arconic in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $26.88.

In related news, Director Patrice E. Merrin acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was bought at an average price of $27.17 per share, with a total value of $271,700.00. Following the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $135,850. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Patricia F. Russo acquired 15,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were bought at an average cost of $24.57 per share, with a total value of $368,550.00. Following the purchase, the director now owns 7,928 shares in the company, valued at $194,790.96. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 43,325 shares of company stock valued at $1,112,056.

About Arconic

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)

Receive News & Ratings for Arconic Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arconic Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply