State of New Jersey Common Pension Fund D Sells 13,020 Shares of Arconic Co. (NYSE:ARNC)

State of New Jersey Common Pension Fund D lessened its stake in shares of Arconic Co. (NYSE:ARNCGet Rating) by 13.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 80,663 shares of the basic materials company’s stock after selling 13,020 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Arconic were worth $2,067,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. National Bank of Canada FI bought a new position in Arconic in the 4th quarter valued at $26,000. Quent Capital LLC bought a new position in Arconic in the 4th quarter valued at $41,000. Allegheny Financial Group LTD bought a new position in Arconic in the 4th quarter valued at $63,000. Edmond DE Rothschild Holding S.A. bought a new position in Arconic in the 4th quarter valued at $121,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Arconic in the 4th quarter valued at $228,000. Institutional investors own 90.38% of the company’s stock.

Arconic Stock Down 5.4 %

Shares of Arconic stock opened at $27.65 on Friday. The company has a quick ratio of 0.66, a current ratio of 1.63 and a debt-to-equity ratio of 0.88. Arconic Co. has a 12 month low of $22.45 and a 12 month high of $36.77. The business has a fifty day simple moving average of $28.32 and a 200 day simple moving average of $27.98. The stock has a market cap of $2.92 billion, a PE ratio of 22.30 and a beta of 1.60.

Arconic (NYSE:ARNCGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The basic materials company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.33. Arconic had a return on equity of 9.28% and a net margin of 1.53%. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.42 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. The firm’s quarterly revenue was up 41.5% compared to the same quarter last year. Research analysts predict that Arconic Co. will post 2.52 EPS for the current year.

Wall Street Analysts Forecast Growth

ARNC has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their target price on Arconic from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. Deutsche Bank Aktiengesellschaft dropped their target price on Arconic from $40.00 to $34.00 in a research report on Thursday, May 5th. Finally, StockNews.com upgraded Arconic from a “hold” rating to a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.00.

About Arconic

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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.

See Also

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Institutional Ownership by Quarter for Arconic (NYSE:ARNC)

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